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The Helaba (London) Pension and Life Assurance Plan, for Germany’s Helaba Group, has completed a £36m buy-in covering the liabilities of all 156 members.
The trustees chose Pension Insurance Corporation for the bulk annuity deal. Helaba is a commercial bank, a partner for the Sparkassen of Hesse, Thuringia, North Rhine-Westphalia and Brandenburg, and a development bank for the German state of Hesse.
Trustee chair Andrew Ashley Taylor thanked plan sponsor Landesbank Hessen-Thueringen and the scheme’s advisers.
“We are delighted to complete this transaction with PIC, improving security for members’ benefits. It is the culmination of several years of hard work and diligent stewardship by the trustees supported by their advisers,” he said.
Tristan Walker-Buckton, co-head of origination at PIC, said: “PIC has both the appetite and the ability to transact across the whole market, giving schemes of all sizes an attractive option to achieve their objective of providing their members with long-term pension security. We look forward to working with the trustees to provide the members of the fund with a smooth transition to becoming PIC policyholders.”
Barnett Waddingham was the lead transaction adviser and scheme actuary to the trustees. CMS provided legal and Isio gave investment advice. PIC was advised on legal questions by Herbert Smith Freehills Kramer.
On Monday, PIC revealed it has bagged a £4.3bn full buy-in of the Rolls-Royce UK Pension Fund, one of the largest deals to date, saying its appetite will be strong as it is getting bought by insurance company Athora.
Other very large pension risk transfers include insurance company RSA’s buy-in of two pension schemes totalling £6.5bn with PIC in 2022, a £4.8bn buy-in of the Boots Pension Scheme with Legal & General in 2023, and two buy-ins of a combined £11bn of liabilities in the NatWest Pension Fund with Rothesay last year.
