Chartered Insurance Institute pension scheme completes £55m buy-in with L&G

The Chartered Insurance Institute Pension Scheme 1993 has completed a £55m full scheme buy-in with Legal & General Assurance Society, securing the benefits of around 330 scheme members, including 150 current pensioners.

The news was highlighted as a “significant milestone” in the scheme’s de-risking journey, representing the culmination of "several years' planning and collaboration" between the trustees, the scheme’s sponsor, the Chartered Insurance Institute, and Mercer.

Mercer advised the trustees throughout the transaction, whilst legal advice was provided by Stephenson Harwood.

Chairman of the trustees, Robert Fletcher, commented: “This buy-in is the culmination of a project to significantly reduce risk in the scheme and has secured the benefits for some 330 members in the process.

“We are grateful to the Institute and our advisers, Mercer and Stephenson Harwood, for their work in achieving this outcome.”

Also commenting on the news, Chartered Insurance Institute chief operating officer, John Bissell, said: “We are very proud to be able to offer our scheme members the protection to their pensions and peace of mind that this insurance policy provides.

“This transaction underscores our commitment to meeting the pension obligations and places the scheme and the Institute in a strong position for the future.”

Mercer principal, Joanna Carter, added: “We are delighted to have supported the trustees in achieving this significant milestone in their long-term plan to secure members’ benefits.

“We have worked closely with the trustees on a fiduciary management basis to deliver a robust dynamic de-risking journey plan automatically capturing opportunities to de-risk.

“More recently, we have collaborated with Legal & General through challenging market conditions to achieve attractive terms for all stakeholders.

“By entering into this buy-in with Legal & General, the trustees have improved security for scheme members and the Institute has minimised its exposure to pension volatility.”

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