Pension Insurance Corporation concludes pension insurance buyout

Pension Insurance Corporation concludes pension insurance buyout

Pension Insurance Corporation (“PIC”) has concluded a pension insurance buyout with the Trustee of the EC De Witt & Company Pension & Assurance Scheme (“the Scheme”).  The transaction covers £17 million of liabilities and follows the purchase of the sponsoring company’s parent. The Trustee (Steve Southern Trustees Limited) was advised by Mercer Limited and Mitchell Consulting Actuaries Limited.

E.C. DeWitt & Company Limited ceased trading activity in 2011, but formerly manufactured, sold, marketed and distributed a range of healthcare and pharmaceutical products.  The company was founded in 1912 and is based in Liverpool.  E.C. DeWitt & Company Limited operates as a subsidiary of C.B. Fleet Company, Inc.

The Trustee, Steve Southern, said: “PIC has a reputation for flexibility and customer service and we are very pleased to have been able to complete this transaction with them. I want to thank our advisors, Mercer Limited and Mitchell Consulting Actuaries Limited, who helped us to complete this transaction within the timeframe we required.”

Matt Richards, Actuary at PIC, said: “This was an interesting transaction for us as it directly follows the purchase of the sponsoring company’s parent by a private equity company. This type of situation is becoming increasingly common and we expect to see further examples over the course of the year.”

Categories: News, UK Pensions
Tags: Insurance

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