Photo‑Me pension scheme set to wind up following buy-in with L&G

Written by Sophie Smith

24/02/2025

The trustee of the Photo‑Me International Plc Pension and Life Assurance Fund has completed a buy-in with L&G, securing defined benefit (DB) pension benefits for certain members of the fund.

The deal, which was completed in November 2024, means that the benefits for all members of the fund are now secured with an insurance company, via policies in the name of the trustee.

The group also confirmed that the intention is that these policies will be transferred into the name of the individual members and the fund will be wound‑up in "due course".

To provide additional security to the fund, the company previously set up an escrow account which the fund could call upon in certain circumstances, which currently has a value of around £1m.

However, the group confirmed that, once the fund has been wound-up, these escrow funds can be released to the company.

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