InterContinental Hotels has completed a £440-million buy out for the Intercontinental Hotels UK Pension Plan.
The deal means that the benefits payable to the defined benefit (DB) pension plan’s 3,000 members, including any missing beneficiaries that emerge in the future, have been insured by Rothesay Life.
The move means the plan’s members wiill secure additional future pension increases, which were previously only provided at the discretion of the corporate sponsor to the pension plan.
Rothesay Life’s insurance policy has been structured to enable the pension scheme to move from buy-in to buy-out in an accelerated timescale.
Addy Loudiadis, chief executive officer (CEO) of Rothesay Life, said: “We are delighted to add the members of the InterContinental Hotels UK Pension Plan to our growing client base.”