Pension Insurance Corporation (PIC) has concluded a pension insurance buyout with the trustees of SR Technics UK pension scheme covering £200m of pension liabilities. The scheme was formerly in the PPF assessment process.

As a result of this transaction, the trustees of the pension scheme will be able to grant members an uplift in excess of the PPF capped benefits.

PIC co-head of business origination Jay Shah said: “Due to the nature of the PPF’s assessment period this was a lengthy transaction, but one which now secures benefits in excess of the PPF minimum.

“The current economic climate, combined with ultra-low gilt yields, means that some pension schemes are falling into the PPF due to the additional strain on their sponsor. We are delighted to be able to help trustees in the assessment period provide a greater level of pension benefit in these circumstances that they would otherwise receive. We do expect further buyouts in 2013 as schemes move through this process.”

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