Food From Britain Pension Scheme
- Category:
- Clients
In April 2009, the Trustees of the Retirement Benefits Scheme of Food from Britain ("FFB") and their advisers selected Pension Insurance Corporation as their partner in a pension insurance buyout. The scheme has £18 million of liabilities and 121 members.
The Trustees utilised a number of different evalution criteria and were impressed by PIC's strong solvency position and its conservative approach to capital management.
The relevant current and future pensioners of the scheme have been issued individual insurance policies by PIC and the Scheme has been wound up.
FFB was a Food Industry Export Promotion Agency, primarily funded by the Department for Environmental Food and Rural Affairs (DEFRA), and has been wound up. The Trustees were advised by Mercer Limited and legal advice was provided by CMS Cameron McKenna LLP.
Mercer observed at the time that the deal was the first non-company scheme buyout.
Transaction highlights:
Value and certainty:
- The trustees were impressed by PIC's strong solvency position
- They liked our conservative approach to capital management
- The expertise of the firm's Board and the calibre of the investor partners were a factor in winning the deal
Focus on the pension fund members:
- Mercer concluded that, "Pension Insurance Corporation offered the best solution for scheme members."
- The trustees decided that the Pension Insurance Corporation team demonstrated the most comprehensive understanding of their requirements
"We were impressed with the expertise of the Board and the calibre of the investor partners. Within our short-list, the Pension Insurance Corporation team demonstrated the most comprehensive understanding of all our requirements."
Chairman of the Trustees
