Pinsent Masons advises PIC on £132m buy-in of Tomkins 2008 pension scheme retirement benefits plan

Multinational law firm Pinsent Masons has advised Pension Insurance Corporation Plc (PIC) on a £132 million bulk purchase annuity in relation to two pension schemes in the Gates group.

The two Tomkins Schemes were both previously partially bought-in but had significant uninsured liabilities for both pensioner and deferred members. As a result of the transaction with PIC all defined benefit liabilities of the Tomkins Schemes have been fully insured.

Pensions Partner Matthew de Ferrars led a team for Pinsent Masons advising PIC including senior associate Chris Burke and associate Josh Potter.

Commenting on the transaction, Matthew de Ferrars, said:

"Insuring pension scheme benefits with UK regulated insurance companies like PIC provides the highest level of security available that pension scheme members’ benefits will be paid in full. This buy-in is no exception and it is fantastic to help PIC provide financial security to people in their retirement.” 

Deepash Amin, Origination Actuary at PIC said: 

“PIC is really pleased to have had the opportunity to work with the Trustee and the sponsoring employer of The Tomkins Schemes to significantly de-risk this scheme, providing greater security to them and all their members for the long-term. In particular we’d like to thank our legal advisors Pinsent Masons for their support in helping complete this transaction.”