The Siemens Healthineers UK Benefits Scheme has completed a £213m buy-in with Pension Insurance Corporation (PIC).

The full scheme buy-in covers the benefits of 703 pensioners and 967 deferred members and dependents.

Legal advice was provided to the trustee of the scheme by Pinsent Masons, while PIC received legal advice from Herbert Smith Freehills Kramer.

Siemens Healthineers provides healthcare equipment, solutions and services around the world, focusing on imaging, diagnostics, cancer care and minimally invasive therapies.

In the UK, the firm has around 2,600 staff and partners with both the NHS and private providers.

“We’re delighted to have completed this deal with PIC, securing for the long-term the pension benefits of our members in the UK,” said Siemens Healthineers UK Benefits Scheme trustee chair, Ann Rigby.

“A key selection criterion for our scheme was to preserve the options currently available to our members with our chosen insurer.

“Retaining these options is a significant advantage for our members. PIC’s focus on policyholder experience and outcomes fully aligned with this objective, giving the comfort that our members will continue to receive these hugely valued options at retirement.”

PIC senior origination actuary, Adam Dann, added: “We’re pleased to have secured this transaction with Siemens Healthineers.

“Having the flexibility to accommodate clear, precise requests from trustees of schemes of all sizes is something we’re proud to be able to do and in this particular transaction, it was the key to success.”

Aon provided the trustees with transaction support on the buy-in, with Aon associate partner, Matt Cook, commenting: “This transaction is a great example of what can be achieved through clear objectives, strong governance, and early engagement with insurers.

“This project was focused on delivering certainty for the trustees and preserving bespoke member options. PIC’s collaborative approach helped to achieve both and enabled us to support the trustees throughout this important transaction.”

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