Trustees of the NG Bailey Pension Fund and Life Assurance Plan, the pension fund for the UK-based engineering and infrastructure services provider, have completed a £155m (€177m) buy-in deal with Pension Insurance Corporation (PIC), covering the benefits of 1,581 scheme members.
The transaction means that all plan members now have their benefits secured for the long term, following a series of historic buy-in transactions.
NG Bailey has secured the previous three transactions with Just Group, the first one worth £49m in 2017 advised by WTW, with the second and third transactions in 2020, advised by K3 Advisory and Isio for £49m and £18m, respectively.
For the latest transaction, XPS Group acted as transaction advisor to the trustees, while EY acted as transaction advisor to NG Bailey. The pension plan received legal advice from Walker Morris and Stephenson Harwood acted for the Company. PIC received legal advice from Slaughter and May.
Jon Sharp, director at Birchmoor and pension fund trustee, said: “We were particularly impressed with PIC’s focus, commitment and passion in providing a great outcome for our members. It’s clear the team went above and beyond to provide competitive solutions that exceeded our expectations throughout the process.”
Deepash Amin, head of new business strategy at PIC, said: “The trustee and its advisors were clear on their objectives and well prepared, enabling a smooth and quick transaction. Member outcomes were a key priority for the trustee and we’re proud to have been selected in large part due to our focus on customer service for our policyholders.”
