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Hymans Robertson lead transaction advice on PIC’s £870 million Buy-in for the De Beers UK Pensions Scheme

02 Apr 2024

Hymans Robertson has been the lead adviser on the De Beers UK Pension scheme £870m buy-in with Pension Insurance Corporation plc (‘PIC’). The transaction secures the pensions of over 1,900 deferred and pensioner members of the Scheme.

Mike Page, Chair of Trustees for the Scheme said: “This buy-in is the result of many years of hard work as we pursued a long-term de-risking strategy. I want to thank my fellow Trustees and our professional advisers, Hymans Robertson, Barnett Waddingham and Linklaters for their role throughout the process in scoping and executing the transaction, which further increases the security of Scheme members’ benefits. PIC was selected for its flexibility and ability to complete the transaction in volatile markets, as well as its overall track record, including a deep-seated commitment to customer care.”

Commenting on the deal, Dr Richard Wellard, Partner at Hymans Robertson, said:

“We are very pleased to have been able to help the Trustees secure their members’ benefits and achieve their goal. It reflects the vibrant bulk annuity market, but also the preparedness of the Scheme, which is a vital factor in ensuring that insurers focus on a particular transaction over the many other opportunities brought to them.”

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