Warwick International completes pensioner buy-in with PIC

The transaction relates to retired pensioners only and the liabilities are valued at approximately £57m. PIC will, in due course, also take over responsibility for the administration of these pensions.

Warwick International - a supplier of speciality chemicals - was acquired in August 2008 in a management buyout backed by Close Brothers Private Equity Capital.

Warwick International Group Pension Scheme trustee chairman Phil Kelsall explained: "For us, this is a crucial step in de-risking the pension scheme and increases the level of security for our scheme members.

"We were able to secure the insurance contract at a price within our funding provisions, so this seemed to be particularly good value."

Warwick International Group Finance Director Steve Williams added: "We are pleased that the pension scheme trustees have secured this insurance contract, which we believe represents the best outcome at this point for the members of the pension scheme.

"It adds a new level of security to members' benefits by reducing the scheme's exposure to risk."