The Barry Wehmiller International Retirement Benefits Scheme has insured benefits of £77m with Scottish Widows, securing benefits for its members above Pension Protection Fund levels.
The trustees of the scheme worked with Capita to secure the deal. After the sponsoring company became insolvent in November 2016, the Barry Wehmiller International Retirement Benefits Scheme had insufficient assets to insure full benefits. However, it had sufficient assets to avoid falling into the Pension Protection Fund (PPF).
The professional trustee on the board of the Barry Wehmiller International RBS is Link Pension Trustees Limited (formerly Capita Pension Trustees Limited), which is part of Link Asset Services.
Link Pension Trustees Limited chair of the trustee board, Rosemary Kennell said: “We are pleased to announce that benefits for members above PPF level have been insured with Scottish Widows. The scheme and members have gained from the competitive rates in 2018 and the tender process has secured not only comprehensive insurance at a competitive cost, but also helped protect the pensions of the scheme’s members.”
Capita ran its own tender process among pension insurers and secured the required insured benefits with Scottish Widows. The trustee on the board of the Barry Wehmiller International RBS was advised throughout the process by Pinsent Masons and Capita Employee Solutions.
Scottish Widows director, bulk annuities, Emma Watkins added: "We are delighted to complete this transaction to insure the deferred and pensioner liabilities; particularly as we have been able to help the trustee secure pensions well in excess of those guaranteed by the PPF.”