Ofcom has continued to manage its defined benefit (DB) pension scheme deficit with a buy-in contract to help de-risk its scheme liabilities.
The buy-in arrangement with Legal and General, which is the fifth contract between the insurer and the communications regulator, covers a further £50 million of Ofcom’s (Former ITC) staff pension plan’s liabilities.
The transaction, which was signed in July, brings the total buy-in agreements entered into by pension plans sponsored by Ofcom to £250 million of DB pension scheme member liabilities.
It also covers around 350 scheme members, of which more than 30 are current pensioners.
Alastair Smith, finance director at Ofcom, said: “Ofcom proactively manages its pension liabilities and we approached the trustees earlier this year to propose further de-risking.
“This latest buy-in has enabled Ofcom to insure all of its pension liabilities in the Ofcom (Former ITC) Plan. This is a very significant step and benefits both the plan members and Ofcom itself.
“The members benefit from having their benefits secured in full through Legal and General bulk annuities, on top of the security that continues to be provided by the plan and Ofcom as sponsoring employer, and Ofcom is no longer exposed to the uncertainty of asset returns, interest, inflation and longevity risk.”
Rodney Jagelman, independent chair of the trustee board at Law Debenture, added: “We are pleased to have been able to complete another buy-in with Legal and General on attractive terms.
“The buy-in has enabled the trustees to take a further considerable step on our journey towards fully de-risking all of the Ofcom pension liabilities and so improve the security for all members.”
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