Imperial Home Decor has completed an enhanced buy-out of the defined contribution (DC) section of its pension scheme.
The scheme has been in wind up since October 2003 when the organisation was declared insolvent.
The deal that has been secured will see almost 140 DC members benefit from an enhanced annuity deal worth approximately £5 million.
Insurer Partnership has worked with Bridge Trustees and Capita Employee Benefits to develop the buy-out solution for the past 12 months.
Members who have defined benefit (DB) pensions will continue to be paid by the Financial Assistance Scheme.
David Harvey, head of de-risking solutions at Partnership (pictured), said: “Given the history of the scheme and the unique nature of its requirements, we were delighted to be chosen to work closely with all parties.
“We feel that the solution we developed allowed the trustees to discharge their liabilities, while giving all members genuine choice over the shape of their pension.”
Giles Orton, chairman of Bridge Trustees, added: “Due to the nature of the Imperial Home Decor scheme, finding the right solution for its members presented us with a challenge.
“Therefore, we are pleased that, having worked closely with Capita [Employee Benefits] and Partnership, we are able to complete this buy-out, which will lead to enhanced incomes for many of the scheme’s defined contribution members.”