Chamber of Shipping completes pension buy-in

The trustees of the UK Chamber of Shipping’s defined benefit (DB) pension plan have concluded a buy-in arrangement for the scheme.

The transaction covers £40 million of pension liabilities, which represent all of the plan’s current pensioner members.

The UK Chamber of Shipping is the trade association for the UK shipping industry with around 140 members across the maritime sector.

The buy-in arrangement was completed by Pension Insurance Corporation, and was advised by law firm Wragge and Co and the plan’s administrators KPMG.

Les Stracey, chairman of the trustees, said: “We are very pleased to have completed this buy-in transaction, which now further secures the pensions of all the plan’s members.

“As part of an ongoing de-risking process for the plan, under which we had invested in low-risk matching assets, we have been able to take advantage of current market conditions and exchange these assets for a buy-in contract.”