The Mercers’ Company enters into pension scheme buyout

The Mercers’ Company has entered its staff pension scheme into a buyout arrangement with the Pension Insurance Corporation.

The transaction, on which Barnett Waddingham advised, covers around £35 million in liabilities and almost 150 members of the livery organisation’s defined benefit (DB) pension scheme.

Alexander Graham, chairman of The Mercers’ Company pension scheme, said: “The Pensions Insurance Corporation team has been flexible and responsive in helping us insure our members’ benefits, especially as we completed this transaction in the shortened timescale.”

Mark Paxton, senior bulk annuity consultant at Barnett Waddingham, added: “The transaction enables the organisation to eliminate pension risk completely and for members’ benefits to be totally secured with an FSA- regulated insurer.

“We helped the scheme’s trustees find the right balance between price, flexibility, policyholder care and service standards.”

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