MIRA secures buyout after giving up PPF protection in 'highly unusual' restructuring

clock

MIRA Retirement Benefits Scheme (MIRARBS) has secured a £70m buyout after agreeing to compromise its sponsor's statutory debt as part of a corporate restructuring.

The deal with Pension Insurance Corporation secures the pensions of the scheme's 600 members at approximately 105% of Pension Protection Fund (PPF) level, but below the face value of the benefits. ...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Risk Reduction

Oil and gas sector scheme secures £48m buy-in with Canada Life

Oil and gas sector scheme secures £48m buy-in with Canada Life

Transaction secures the benefits of 500 pensioner and deferred members

Holly Roach
clock 02 July 2026 • 1 min read
Royal Institute of British Architects scheme completes £35m buy-in with PIC

Royal Institute of British Architects scheme completes £35m buy-in with PIC

Transaction secures the benefits of 186 scheme members

Holly Roach
clock 25 June 2026 • 2 min read
Energy market pension scheme secures £55m buy-in with Canada Life

Energy market pension scheme secures £55m buy-in with Canada Life

Transaction secures the benefits of 250 pensioners and 450 deferred members

Holly Roach
clock 18 June 2026 • 1 min read
Trustpilot