The UK's Arqiva Defined Benefit (DB) Pension Plan has secured a £204m full scheme buy-in with Pension Insurance Corporation (PIC), securing the retirement benefits of all deferred and pensioner members of the scheme.

As reported by our sister publication Pensions Age, the buy-in covers the pensions for all remaining members of the scheme, which is sponsored by British telecommunications company Arqiva Limited, including 589 current pensioners and dependents and 215 deferred members.

PIC received legal advice on the deal from Herbert Smith Freehills LLP, while the trustee received advice from Isio, Mercer and Baker McKenzie.

Commenting on the deal, trustee board chair, Tom O’Connor, said: “I’m delighted that we have successfully completed this buy-in, which insures the benefits of all our plan members. I am grateful for PIC’s work in achieving this outcome.

“I want to thank my fellow trustee directors, including Dan Gilmour and Akash Rooprai of Independent Governance Group, and our professional advisers, Isio, Baker McKenzie LLP and Mercer for their role throughout the process in scoping and executing the transaction.

"Our members have been at the forefront of our mind throughout this process, so communication has been a key consideration.”

Adding to this, PIC origination transaction manager, Paul Robinson, said: “We are proud to have concluded this buy-in with the Arqiva DB Pension Plan.

“The trustees and the company were well prepared, which paved the way for a smooth transaction, providing security to all their members in the long-term. The rate at which well organised schemes are entering the pension risk transfer market in 2024 continues apace.”

The importance of all parties working together was also highlighted by Isio director, Andrew Cooper, who said that "all parties worked collaboratively throughout the process to ensure a thorough and efficient process to reach this fantastic outcome for the plan".

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