Trustees of the Chamber of Shipping Retirement Benefits Plan have agreed an extension to its recently announced buy-in with the Pension Insurance Corporation (PIC), adding a further £9 million of pension liabilities already insured.

The Chamber of Shipping Retirement Benefits Plan in January agreed a buy-in with PIC covering £40m of the scheme’s pension liabilities under the advice of Wragge & Co and KPMG LLP.

The extension includes the deferred members of the plan, representing about 20 per cent of the scheme liabilities, and allows the trustee to proceed to a full buyout.

The UK Chamber of Shipping is the trade association and voice for the UK shipping industry, with around 140 members from across the maritime sector and represents over 80 per cent of the world’s fleet at various for a such as the International Maritime Organization.

UK Chamber of Shipping trustee board chairman Alex Davies said: “PIC’s flexibility and willingness to help us with our long-term de-risking plan has enabled us to conclude this programme much more quickly than we initially anticipated. This means that the members’ benefits for the entire scheme are now fully secured.”

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