Advising Westminster Abbey pension scheme on £25m buy-in

Our specialist bulk annuity team have advised the trustees of the Westminster Abbey 1972 Retirement and Death Benefits Scheme on their £25 million full scheme buy-in with Pension Insurance Corporation (PIC).

Agreed this month and insuring the benefits of the scheme's c. 230 members, we acted as actuarial, administration, investment and risk transfer advisers to the trustees, with legal advice provided by Pinsent Masons. 

The appointment of PIC follows a robust insurance market review, which included a competitive and comprehensive selection process.

John O’Brien, Chair of Trustees, said: “It is a great achievement to reach this significant milestone. This is the culmination of many years of hard work by Trustees past and present, which would not have been possible without the Abbey’s diligent support of the Scheme.”

Rosie Fantom, Head of Bulk Annuities and Risk Transfer Partner at Barnett Waddingham, said: “We are delighted to have led this transaction, successfully navigating an exceptionally busy risk transfer market.” 

Jay Shah, Chief Origination Officer at PIC, said: “PIC is delighted to have worked with the Trustees of the Westminster Abbey Pension Scheme. As many much larger schemes are also seeking to de-risk at this time, being able to demonstrate PIC has the flexibility and adaptability to accommodate all sizes of transaction is most gratifying.”

Paul Baumann, Receiver General at Westminster Abbey, said: “We are delighted that the Scheme has been able to reach this agreement with Pension Insurance Corporation. It is a very positive outcome. Members’ benefits remain safe, and this is a simpler way of managing this pension fund. We are pleased to have worked closely with the Trustees and their advisers to support the Scheme to complete this transaction.”