C&J Clark Pension Fund has completed a buy-in with the pension insurance corporation (PIC) for £540 million.

It follows the fund's first buy-in with PIC, for £280 million in 2022, and means the PIC has now insured all £820 million of the fund's defined benefit (DB) liabilities.

The latest buy-in secures the pensions of almost 5,000 pensioners and dependants and over 3,000 deferred policyholders.

Isio advised Clark, who also received legal advice from Burges Salmon. The trustee received legal advice from Travers Smith, investment advice from WTW, and covenant advice from Penfida. CMS advised PIC.

Fund chair, Libby Edwards, commented on the deal: "We're delighted to have completed this transaction with PIC, which secures the long-term security of all our members' benefits. Our experience of PIC's customer service following the previous transaction meant choosing to work with them again was an easy decision."

Clark's chief financial officer, Philip Yau, added: "We are pleased to achieve our long-standing ambition to fully buy into the C&J Clark Pension Fund, which is a major step in fully securing members' benefits while eliminating pension-related balance sheet volatility. We would like to thank the fund trustee and the support of all the advisers for their hard work in achieving this milestone."

PIC head of new business strategy, Deepash Amin, said the company was "delighted" to extend its relationship with the fund and its members.

"It is always rewarding to complete repeat business with clients who have had first-hand experience of our exceptional customer service."

This article was originally published in our sister title, Pensions Age.

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