Imation UK completes DB pension buyout

Data storage and electronics organisation, Imation UK, has completed an insurance buyout of its defined benefit (DB) pension scheme.

The transaction, which covers £21 million of liabilities, was carried out by the Pension Insurance Corporation (PIC). The trustees of the scheme were advised by JLT.

John Beckett, regional finance and administration manager at Imation UK, said: “We are very pleased to have been able to secure our members’ benefits for the long-term with this transaction.

“As other trustee boards have no doubt experienced, market volatility can be a big impediment to insuring pension liabilities.

”With help from our advisers and the flexibility of the PIC team, we were able to secure these benefits at an opportune moment.”