Booker Tate completes pensions buyout

Booker Tate has completed a pension insurance buyout for its defined benefit (DB) pension scheme.

The transaction, carried out in conjunction with Pension Insurance Corporation (PIC), covers £20 million of pension liabilities.

The organisation, which provides development, management and technical services to the sugar, ethanol and bio-energy market, was advised by Barnett Waddingham and Linklaters.

Ben Yates, chairman of trustees for the Booker Tate UK pension scheme, said: “Following a competitive tendering process, we decided to insure with PIC as a result of its competitive terms, flexibility in meeting the trustees’ requirements and the security that the buyout will bring to the scheme members.”