CF Fertiliser UK, a subsidiary of a global manufacturer of hydrogen and nitrogen products for clean energy, has completed a combined £265m (€302m) buy-in for its two funds with M&G.
The transaction secures the pension benefits of more than 1,350 retirees and deferred members across the Kemira Growhow UK Limited Pension Fund and the Terra Nitrogen (UK) Limited Pension Scheme.
M&G said it worked collaboratively with the trustee, the company and their respective advisers, to ensure that the individual requirements of both pension funds could be met to achieve both a target price and a range of required terms.
The transaction was executed by The Prudential Assurance Company Limited, M&G’s wholly-owned subsidiary, providing life and pensions solutions.
The trustee was advised on the transaction by XPS as risk transfer adviser, Burges Salmon as legal adviser, PwC as covenant adviser and Mercer as investment adviser. EY and Eversheds Sutherland advised the Company, and CMS provided legal advice to M&G.
Susan Anyan, chair of the trustee, said: “A high degree of collaboration across a strong multidisciplinary team enabled us to navigate a complex process to achieve this very positive outcome.
“We look forward to partnering with M&G to ensure that we continue to deliver high-quality services and benefits to our members.”
Rosie Fantom, head of bulk annuity origination and execution at M&G, said: “We worked closely with the trustee, the company and their advisers at every stage of the process to understand how we could tailor our proposition to deliver an optimal member experience for both Schemes and deliver on the needs of all beneficiaries.”
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