Trans-European Port Services pension scheme agrees £4.4m buy-in

The Trans-European Port Services Limited 1974 Pension Scheme (TEPS) has agreed a £4.4m full scheme buy-in with Legal & General (L&G).

The deal secures the benefits for six pension scheme members.

Trans-European Port Services is the sponsor of the scheme and a subsidiary business to John Good & Sons Limited.

This latest transaction follows on from the £17m full scheme buy-in between L&G and the John Good & Sons Limited Pension Scheme, which was announced in June 2021 and covered over 80 scheme members.

The TEPS is a client of the L&G Group, having partnered with L&G Investment Management (LGIM) as its fund manager in 2021.

The scheme trustees were advised on the deal by XPS Pensions Group, while Arc Pensions Law provided them with legal advice.

“The trustees are very pleased to have secured the pension benefits of our members with L&G, which is a strong leader in the industry and we are sure that this will give our members peace of mind,” commented TEPS trustee, John Rutherford.

“We are grateful to our advisers, XPS Pensions Group, who have ably guided us to this successful outcome.”

L&G Retirement Institutional director, Adrian Somerfield, said: “Through our wide range of expertise, we were able to establish a strong partnership with the trustees, ensuring an effective transaction with a second pension scheme within the overall group.

“We look forward to continuing to work closely with the trustees, further building on our relationship, as we move towards buyout and provide further security to the scheme members.”

XPS Pensions Group Risk Settlement Team pensions actuary, Paula Haughton, added: “We are delighted to have helped the trustees achieve this full-scheme buy-in, providing additional security for their scheme members.

“This was a great example of approaching the market in the right way and demonstrates the benefits of carrying out thorough preparation in advance of approaching the insurers for a quotation.”

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