PIC completes partial buy-in with Amey OS Pension Scheme

Written by Jack Gray

17/01/2023

PIC has completed a partial buy-in with The Amey OS Pension Scheme, insuring around £400m of pension liabilities.

The transaction covers a total of 3,473 members, including 1,938 deferred members.

XPS Pensions Group acted as lead transaction adviser to a joint working group, which consisted of representatives from Amey and the trustee.

Squire Patton Boggs provided the trustee with legal advice, while Broadstone is the scheme actuary.

PIC was advised on the transaction by Addleshaw Goddard and CMS provided legal advice to the employer, Amey.

Amey is a UK-based infrastructure and engineering company that partners with national and local government to manage assets and projects for sustainable growth.

PIC head of business development Mitul Magudia said: “This transaction was undertaken on an accelerated timescale and its successful completion reflects the strong capabilities of all those involved.

“Aligning corporate activity with bulk annuity transactions introduces additional challenges and stakeholders to the decision-making process.

“We are pleased to have successfully navigated that process in partnership with the scheme and are delighted with the outcome for all concerned.

“As has been widely reported, schemes are particularly well funded at the current time, and we hope many schemes are able to make similar announcements over the course of 2023.”

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