Old British Steel scheme completes £2bn buy-in with PIC

James Phillips
clock • 3 min read

The Old British Steel Pension Scheme (OBSPS) has agreed a £2bn full buy-in with Pension Insurance Corporation (PIC), one step closer to exiting Pension Protection Fund (PPF) assessment.

The deal completed on 8 October and covers the liabilities of over 30,000 members at or above PPF levels of compensation, with the scheme expected to seek a PPF+ buyout towards the end of 2021. ...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions member?

Login

James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

More on Risk Reduction

IMI secures £175m partial buy-in with PIC

IMI secures £175m partial buy-in with PIC

Transaction secures the benefits for 1,378 members

Martin Richmond
clock 03 February 2023 • 2 min read
Morrisons completes £762m buy-in with Rothesay

Morrisons completes £762m buy-in with Rothesay

Transaction secures the benefits of more than 8,000 members

Martin Richmond
clock 31 January 2023 • 2 min read
Updated: The biggest buy-ins and buyouts since 2007

Updated: The biggest buy-ins and buyouts since 2007

Professional Pensions rounds up the largest block transfers of liabilities to insurers

Professional Pensions
clock 31 January 2023 • 1 min read
Trustpilot