UK - Trustees of the Morris Ashby Limited Pension Scheme have completed a £38m ($61.1m) buyout deal with Pension Insurance Corporation removing its liabilities from the Pension Protection Fund.
The scheme, which was being assessed for PPF entry, secured the benefits of its 480 members with PIC at PPF levels. It will now cease to be involved with the PPF.
The pension fund's former sponsor, JL French UK, manufactured non-ferrous, high pressure and gravity die castings before its insolvency in 2006.
HR trustees director Esther White (pictured) is the scheme's trustee chairman. She said: "Despite being in the PPF's assessment period for a number of years we had to move quickly to lock into a level of benefits as pension insurance became affordable.
"PIC has been very supportive and responsive during this transaction, providing a streamlined approach and a structure to help us manage our execution risks within the constrained pot of assets available to us. I am very pleased that we have been able to secure our members' benefits with them."
Consultant Bluefin and law firm Baker & McKenzie advised the trustees on the deal.
Bluefin head of actuarial Jim Boyle said the outcome was excellent for scheme members.
PIC senior actuary Matt Barnes added: "We are very pleased to have worked with the trustees, their advisers and the PPF in insuring the pension fund in what was a particularly speedy transaction."
The deal is in a similar vein to former agreements with Alitalia and UK Can, he added.
PIC entered into a £22m buy-in deal with the Alitalia Italian Airlines Pension and Assurance Scheme in July, last year. The fund was also in the PPF assessment period following the airline's failure in 2008.
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