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 News
BESTrustees and Royal London complete buy-in for the Metallus UK Pension Scheme
BESTrustees professional trustee client, the Metallus UK Pension Scheme, has completed a £40 million bulk purchase annuity (BPA) transaction with Royal London, the UK’s largest customer-owned life, pensions and investment provider. The buy-in secures the benefits of 493 members. A key feature of the transaction was the collaborative approach taken during the exclusivity period, enabling the parties to agree the expected journey from buy-in to buyout to ensure the Trustees’ objectives could be met. Isio acted as risk transfer adviser whilst the Trustees received legal advice from Gowling WLG and administrative and actuarial support from Aon. “We are pleased to …
Continue reading “BESTrustees and Royal London complete buy-in for the Metallus UK Pension Scheme”
Christopher Wheeler appointed Co-Chair of the APPT
The Association of Professional Pension Trustees (APPT) today announced that Council members, Christopher Wheeler and Julia Yates, are taking the helm as Co-Chairs of the APPT, succeeding Rachel Croft (current Chair) and Vassos Vassou (current Vice Chair) who have both completed their terms in office as Council members. The move to appointing Co-Chairs takes effect from the Association’s AGM on 21 October and is a reflection of the considerable increase in workload faced by a growing Association that has more than doubled in size over the last 5 years or so, as the influence and role of professional trustees has …
Continue reading “Christopher Wheeler appointed Co-Chair of the APPT”
