Burges Salmon

Deal is both first in charitable sector and first to make use of connected covenant structure

Buy-in took place in July 2024, with buyout secured in January 2025

The deal secures the benefits of 2,295 retirees and 5,890 deferred scheme members

Second deal between PIC and the scheme means all its DB liabilities are now insured

Concerns about fewer individuals making decisions, member returns and sustainability

Pensions industry reacts to chancellor Rachel Reeves’ first Budget

Are trustees of schemes between £100m and £1bn getting everything they need in this market?

Transaction fully insures the benefits for around 150 members of the scheme

While buyout is still viewed as a gold-standard, many are now considering run-on as an option

Buy-in for acquirer of legacy insurers fully insures benefits of all 388 members