Pension Insurance Corp in 230 mln stg pension buy-in with Pilkington

Nippon Sheet Glass

22/08/2016 09:11

LONDON, Aug 22 (Reuters) - British insurer Pension Insurance 
Corp has completed a 230 million pound ($301.00 million) pension 
insurance 'buy-in' with the trustee of Pilkington Superannuation 
Scheme, PIC said on Monday. 
    Pilkington Group Limited is a multinational glass 
manufacturing company and a wholly owned subsidiary of Nippon 
Sheet Glass  5202.T , PIC said in a statement. 
    The lead adviser on the deal was Aon Hewitt, PIC said. 
    A deal to pass on some of the insurance risk of defined 
benefit, or final salary, company schemes through a so-called 
'buy-in', is often easier to price than a deal for all of the 
risk, a so-called 'buy-out', pension consultants say. 
 urn:newsml:reuters.com:*:nL8N1AW14K 
    "There has been a tangible increase in interest from 
trustees in buy-ins since the Brexit referendum and we have 
completed a number of transactions over the past few weeks and 
expect more to follow," Uzma Nazir, actuary at PIC said. 
($1 = 0.7641 pounds) 
 
 (Reporting by Carolyn Cohn; editing by Simon Jessop) 
 ((carolyn.cohn@thomsonreuters.com; 44 207 542 6320; Reuters 
Messaging: carolyn.cohn.thomsonreuters.com@reuters.net)) 
 
Keywords: PENSION INSURANCE/PILKINGTON