Our Pension Administration and Pension Executive and Management Services teams have played a supporting role in concluding the £870 million full buy-in of the De Beers Pension Scheme.
The agreement with Pension Insurance Corporation plc (PIC) will insure the benefits of the over 1,900 members of the De Beers UK Members Scheme. In our capacity of as Scheme Administrator and Scheme Secretary, we worked closely with the Trustees and the other scheme advisers to navigate and complete this complicated transaction for the benefit of the members.
The world’s leading diamond company, De Beers was founded in 1888, and together with its joint venture partners currently employs more than 20,000 people around the world.
This transaction represents a great example of the wealth of experience we can bring to any Defined Benefit (DB) pension scheme looking to complete their risk transfer journey. Securing a buyout or buy-in requires input from many different teams, including large data cleansing projects through to organising the practical day-to-day elements like managing and supporting meetings, both of which are services the Trustees of De Beers UK Pension Scheme relied on us to provide ahead of their buy-in.
Sue Foley, Partner at Barnett Waddingham, said: “As Scheme Administrator and Scheme Secretary to the De Beers UK Pension Scheme, this is a proud moment to see the Scheme transact after years of planning. It has been a pleasure working with the Trustee Board and other advisers supporting them through a complex landscape, culminating in a buy-in that secures and safeguards the futures of the members.”
"This is a testament to the strength of our growing risk transfer capabilities, where we can provide different areas of support across a range of different departments depending on our clients’ requirements."
We have also provided bulk annuity transaction support for the pensions schemes of Westminster Abbey, P&O and the British Red Cross.
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Explore the recent activity in the bulk annuity and wider risk transfer market. Our report looks at the outlook for DB pension schemes approaching potential transactions.
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Pension buyouts and buy-ins
Our specialist bulk annuity team has extensive experience of advising both trustees and companies on all aspects of buyouts and buy-ins, encompassing both traditional and medically underwritten bulk annuity processes.
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