The trustees of the Chamber of Shipping Retirement Benefits Plan have concluded a pension insurance buy-in deal with Pension Insurance Corporation (PIC) covering £40m of the scheme’s pension liabilities.
The UK Chamber of Shipping is the trade association and voice for the UK shipping industry and works with government, parliament and international organisations to protect members.
Chairman of the trustee Les Stracey said: “We are very pleased to have completed this buy-in transaction which now further secures the pensions of all the plan’s members. As part of an ongoing de-risking process for the plan under which we had invested in low-risk matching assets, we have been able to take advantage of current market conditions and exchange these assets for a buy-in contract."
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