The Pension Insurance Corporation (PIC) will insure the remainder of the Thomson Regional Newspapers (TRN) pension fund, sponsored by Citigroup.
The trustee directors of the TRN pension fund purchased a bulk annuity contract from PIC, the regulated insurance arm of Pension Corporation that is authorised by the Financial Services Authority (FSA). The policy covers primarily the deferred members of the scheme with liabilities valued at approximately £35m.
The insurance policy will be held as an asset by the TRN Pension Fund and trustee directors will continue to be responsible for paying benefits to the fund’s members.
Steve Balmont, chairman of the TRN Trustee body, said: “We are pleased to have worked together with Pension Insurance Corporation, Citi and our advisors to purchase a further insurance policy that puts the fund members’ benefits on an even more secure footing.”