Metal Box scheme agrees £2.2bn buyout with PIC

Biggest deal of 2021 so far sees 12,500 pensioner and deferred members insured

James Phillips
clock • 5 min read
Mercer senior partner Adrian Hartshorn: We’ve worked closely with the company
Image:

Mercer senior partner Adrian Hartshorn: We’ve worked closely with the company

The Metal Box Pension Scheme has agreed a £2.2bn buy-in to buyout transaction with Pension Insurance Corporation (PIC) after slashing its journey plan by nearly 20 years.

Under the buy-in agreed on Friday (1 October), the benefits of all 10,300 pensioner and 2,200 deferred members will be passed to PIC, with the policy due to transition to buyout exactly one month l...

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