UK - Pension Insurance Corporation (PIC) been selected to buy out the £42m (US$74.7m) UK Can Pension Plan, in a deal which will see it provide greater benefits than currently paid by the Pension Protection Fund (PPF).
Chris Martin, managing director of Independent Trustee Services and trustee to the UK Can Pension Plan, said the majority of UK Can Pension Plan members were likely to achieve a far better outcome than they would have anticipated when the PPF assessment period started 18 month ago.
He said: "It has been a very difficult couple of years for them. We were particularly pleased with Pension Insurance Corporation's approach of putting members at the forefront of the process.
"A key factor in the decision of the trustee to choose Pension Insurance Corporation was its willingness to tailor a solution to make the transition as smooth as possible."
Paul Jayson, partner at Barnett Waddingham, said it was an excellent deal for members whose pensions would be secured outside the PPF and protected from investment and market fluctuations.
He said: "Having advised this scheme for over 15 years we are extremely pleased to have worked with the trustee and PIC to achieve such a successful outcome for the members."
A spokesperson for the PPF said: "Where a scheme is funded above PPF levels of compensation, the scheme will usually not transfer to the PPF but will look to find an insurer willing to 'buy out' its liabilities and make payments to its members. This is clearly in the best interests of scheme members."
The transaction brings the aggregate pension assets managed by PIC under bulk annuity contracts to more than £550m. Including sponsored pension funds, Pension Corporation has almost £5bn of pension assets under its umbrella.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.