The Steria Management Plan section of the Sopra Steria Retirement Benefits Scheme has concluded a £113m buy-in with Pension Insurance Corporation (PIC).
The buy-in transaction secures the benefits of all 355 section members within the pension fund.
Trustees received legal advice from Garling WLG for the transaction, and PIC was advised by CMS. The sponsoring employer was advised by Mercer.
David Best, deputy chair of trustees at the Sopra Steria Retirement Benefits Scheme, said the transaction will secure members’ benefits for the long term and means that “they will continue to receive high-quality customer service”.
Maria Greene, chief financial officer at Sopra Steria UK, said the transaction represents a “milestone” for the company.
Deepash Amin, head of new business strategy at PIC, added: “We were impressed with the focus of the trustees on the member experience as part of the transaction, and we’re therefore delighted to have been selected.”
