The UK's Royal Society of Chemistry Pension Scheme has completed an £83m full-scheme buy-in with Pension Insurance Corporation (PIC).

The bulk purchase annuity transaction covers all 468 members of the scheme.

CMS provided PIC with legal advice, while LCP acted as the lead transaction adviser to the trustees.

The trustees were provided with legal advice from Addleshaw Goddard and Osborne Clarke, and Mercer provided actuarial and investment advice.

The Royal Society of Chemistry, a professional body working to advance chemical sciences, was the scheme sponsor.

Royal Society of Chemistry Pension Scheme chair of trustees, Andy Pateman, said the scheme was “delighted” to have reach the milestone of securing its members benefits for the long term.

“Right from our first conversations with PIC, we have been impressed by their approach to customer service – they have shown they are the right partner to support our ambitions in de-risking the scheme,” he continued.

“I want to thank my co-trustees, especially our professional trustee Alison Bostock from Zedra, our many advisers and the PIC team for their focus, dedication and communication, helping us reach this stage so efficiently. It has been a pleasure working with such a professional group of people.”

PIC origination actuary, Jake Stanbridge, said the insurer’s customer service capabilities and track record in supporting schemes through complex de-risking journeys were key to securing the transaction.

“The trustee was impressed by our ability to deliver first-class service from the outset, while providing the experience and certainty needed to help de-risk the scheme,” he added.

LCP principal, Jamie Naik, commented: “This transaction demonstrates the benefits of a well-prepared scheme and a strong, collaborative relationship between the trustees and sponsor with a real focus on member outcomes.

“That shared focus and alignment helped achieve a strong outcome for both parties, while further improving the security of members’ benefits.”

This article was first published on our sister website, Pensions Age.

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