The trustees of The Siemens Healthineers Benefits Scheme have secured a £213m (€246m) buy-in deal with Pension Insurance Corporation (PIC).
The transaction secures the benefits of 967 deferred members and dependants.
The healthcare equipment and solutions provider employs around 2,600 people in the UK.
Legal advice was provided to the trustees by Pinsent Masons, with HSF advising PIC.
Ann Rigby, chair of trustees at the pension fund, said: “A key selection criterion for our scheme was to preserve the options currently available to our members with our chosen insurer. Retaining these options is a significant advantage for our members.
“PIC’s focus on policyholder experience and outcomes is fully aligned with this objective, giving the comfort that our members will continue to receive these hugely valued options at retirement.”
Adam Dann, senior origination actuary at PIC, said: “Having the flexibility to accommodate clear, precise requests from trustees of schemes of all sizes is something we’re proud to be able to do, and in this particular transaction, it was the key to success.”
