Bibby Line Group secures £55m pension scheme buy-in with Pension Insurance Corporation (PIC)

Bibby Line Group Limited Pension Scheme has completed a £55m buy-in with Pension Insurance Corporation (PIC), securing the benefits of 667 scheme members.

Bibby Line Group is one of the UK’s oldest family-owned businesses with an over 200-year heritage. Based in Liverpool, it is an international organisation focused on financial services, marine operations and infrastructure, operating in multiple countries.

Jonathan Lewis, CEO at Bibby Line Group, said “This transaction represents a strategic step in our longterm plan for the business, reinforcing our commitment to responsible financial stewardship. Over recent years we have made substantial contributions to our pension scheme in order to progress towards this event.  It removes an element of long-term risk from our balance sheet, while further strengthening the security of pension benefits for hundreds of our current and former employees. Completing it within a condensed timeframe reflects the strong collaboration and focus of everyone involved, and we are grateful for their commitment.”

Nicholas Chadha of PAN Trustees, the Scheme’s sole professional trustee, said: “The main objective for this transaction was to secure the pensions of our members, whilst maintaining dedicated support for them. In preparation for the transaction, we had already conducted a significant data cleansing process, allowing us to move quickly with the insurer of choice. We were really impressed with PIC’s ability to work at speed, alongside its clear focus on customer service and well thought through transition plan. I want to thank the PIC team for the flexibility and innovation displayed, in order to complete this transaction expediently.”

George Milligan, Origination Actuary, at PIC, said: “Organisation was a key element of this transaction due to tight timeframes. Our teams were able to mobilise quickly to ensure that we could meet the timescales set by the Trustee and achieve the main objective of the Scheme, securing its members benefits for the long term. We pride ourselves on providing excellent customer service and are delighted that the Trustees recognised this, entrusting us with their members’ pensions.”

Tom Whiteley, Risk Transfer Director at PWC, said: “We were delighted to advise the Joint Working Group on this transaction. The work that had already been carried out on the member data and scheme benefits meant that the Scheme was in a great position to move at pace and quickly enter a buy-in transaction. Close collaboration between all parties over a short but intense period made this possible.”

Herbert Smith Freehills Kramer advised PIC and PwC led the advice to the Joint Working Group comprising of both Trustee and Company representatives. DLA Piper provided legal advice to the Trustee, who were also provided administration and actuarial advice by Cartwright.