The Institute of Chartered Accountants has agreed a medically underwritten buy-in transaction for its £200 million pension scheme.
The £30 million transaction with Partnership was completed in November. The organisation’s Staff Pensions Fund is one of the few UK pension schemes to have completed two medically underwritten buy-ins, after completing a medically underwritten buy-in at the start of 2014.
Hymans Robertson, with Club Vita, was the lead adviser on both transactions and Eversheds served as the legal adviser.
Andrew Evans, chair of the Financial Conduct Authority and trustee of The Institute of Chartered Accountants Staff Pensions Fund, said: “The trustee is delighted to have taken another important step to materially reduce risk for its members.
“This has enabled us to insure a large proportion of our pensioner liabilities at a particularly attractive price; a great outcome for everyone associated with the fund.”