The Plumbing & Mechanical Services (UK) Industry Pension Scheme (the “Scheme”) has recently completed a buy-in with Legal & General. This involved exchanging nearly £570 million of the Scheme’s assets, primarily government and corporate bonds, along with cash raised by selling a small amount of UK equities, for a bulk annuity policy from Legal & General.
The Trustee Chairman Alan Pickering said:
“The challenges facing the Scheme have been well chronicled, we are working with the Department for Work and Pensions, the Pensions Regulator and other stakeholders to find solulations that play fair by all concerned”. He went on to say “We have not, however, been resting on our laurels and waiting for things to happen. The buy-in is the result of clear decisions taken by the trustees, hard work by our executive team and an adviser line-up second to none in the team working stakes. As a result, we can announce a good news pension story – a rarity these days. Employers and members alike will benefit from the increased security which this policy brings. Let’s hope we can deliver even more good news later this year as we continue to confront the challenges facing our scheme.”