Arqiva Defined Benefit Pension Plan has completed a £204m full buy-in with Pension Insurance Corporation (PIC).

The transaction secures the benefits of 589 current pensioners and dependents, and 215 deferred members of the plan.

Arqiva received advice from Isio, Baker McKenzie and Mercer regarding the transaction. PIC received legal advice from Herbert Smith Freehills.

Tom O’Connor, chair of the board of trustees of the plan, said: “I’m delighted that we have successfully completed this buy-in, which insures the benefits of all our plan members. I am grateful for PIC’s work in achieving this outcome.”

He thanked his fellow trustee directors, including Dan Gilmour and Akash Rooprai of Independent Governance Group, as well as Isio, Baker McKenzie and Mercer “for their role throughout the process in scoping and executing the transaction”.

O’Connor added that the plan’s members have been at “the forefront of our mind” throughout this process and communication has been a “key consideration”.

Paul Robinson, origination transaction manager at PIC, said: “We are proud to have concluded this buy-in with the Arqiva Defined Benefit Pension Plan.”

He added that the trustees and the sponsoring company were well prepared, which paved the way for a smooth transaction, providing security to all their members in the long term.

He said: “The rate at which well-organised schemes are entering the pension risk transfer market in 2024 continues apace.”

Andrew Cooper, director at Isio, said it has been “great” to lead the broking process to secure members’ benefits with PIC.

He said: “All parties worked collaboratively throughout the process to ensure a thorough and efficient process to reach this fantastic outcome for the plan.”

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