The Trustees of the Siemens Healthineers Benefits Scheme has concluded a £213 million full buy-in with the Pension Insurance Corporation plc (PIC), securing the benefits of 703 pensioners and 967 deferred members and dependants. BESTrustees acts as independent Chair of Trustees of the Scheme.
Siemens Healthineers is parent company to several medical technology businesses, headquartered in Germany. Spun off from its parent Company, Siemens, in 2017, it specialises in providing medical technology and products across the world, generating revenues last year of around £22 billion. Aon acted as lead adviser to the Trustees and legal advice was provided to the Trustees by Pinsent Masons and to PIC by Herbert Smith Freehills.
“We’re delighted to have completed this deal with PIC, securing for the long-term the pension benefits of our members. A key selection criterion for our Scheme was to preserve the options currently available to our members with our chosen insurer including the standard options typically offered by insurers but also additional flexibility for members to temporarily reshape their pension on retirement. 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.”
Ann Rigby, Chair of Trustees
“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.”
Adam Dann, Senior Origination Actuary at PIC
“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.
Matt Cook, Associate Partner at Aon
Latest Insights
BESTrustees, Isio and Utmost complete two full scheme buy-ins for the Stonegate Pub Company Limited pension schemes
BESTrustees’ pension scheme client, the Stonegate Pub Company Limited, has successfully completed bulk purchase annuity buy-ins with Isio and Utmost Life and Pensions for the Laurel Pub Pension Scheme and the Yates Group Pension Scheme. Both schemes are sponsored by Stonegate, the UK’s largest pub group. The £62 million transactions will ensure the defined benefit pension liabilities for all the Schemes’ members , removing investment and longevity risk from the Schemes, and giving the 650 members improved security. The transactions were run by a joint working group of the Schemes’ Trustees and Stonegate Pub Company Limited, supported by their respective …
BESTrustees, WTW and Royal London complete £16m BPA transaction for the Premdor Crosby Pension Plan
BESTrustees’ pension scheme client, the Premdor Crosby Pension Plan, has completed a £16 million bulk purchase annuity (BPA) transaction with Royal London, the UK’s largest mutual life, pensions and investment provider. The Trustees were advised by WTW and Pinsent Masons under a sole insurer quote process. Royal London was advised by Hogan Lovells. This buy-in, which covers 181 members, is the first that Royal London has completed with BESTrustees as Chair of Trustees, and also with WTW on a scheme that is not one of their own staff pension arrangements. This buy-in also marks the first time that Royal London …
