Merchant Retail Group Pension Scheme
- Category:
- Clients
In December 2008, the Trustees of Merchant Retail Group Pension Scheme, a member of the A.S. Watson Group, insured its £9 million benefits with PIC. The Trustees concluded that the members' best interests were served by agreeing to insure the benefits in this way.
The Trustees, and KPMG as advisers to the corporate sponsor, were particularly impressed by the speed, transactional flexibility and certainty around pricing that PIC was able to display in concluding the deal in a short timeframe. In addition, the conservative asset and liability management portfolio proposed by PIC mean members' benefits are secured for the long-term. PIC is fully authorised and regulated by the FSA.
Transaction highlights:
Value and certainty:
- The trustees were particularly impressed by the speed, transactional flexibility and certainty displayed
- PIC was noted to have flexibility, responsiveness and a pragmatic approach
Speed:
- The deal was concluded in a ten day timeframe from quote to transaction
Value-creation:
- The conservative asset and liability management portfolio will mean members' benefits are secured for the very long-term
Focus on the pension fund members:
- The trustees found that the members' best interests were served by agreeing to insure the benefits
"I believe that Pension Insurance Corporation meets our members' needs for security for the future, and on that basis I am delighted that we were able to appoint them."
David Wadham, Chair of the Trustees
"We have been impressed by the way in which PIC was able to conclude the deal in a very short timeframe, with certainty around the pricing."
Gill Smith, Finance Director, Merchant Retail Group
