Tomkins pension funds complete buy-in with PIC

Tomkins 2008 Pension Scheme and Tomkins Retirement Benefits Pension Plan, both London, insured a total of £132 million ($160 million) in liabilities through a buy-in with Pension Insurance Corp., Christopher Clayton, chairman of the trustees, confirmed.

Information on the size of the plans was not available.

Partial buy-ins had already been completed prior to this deal, but there were significant uninsured liabilities for both retirees and participants that are yet to retire, according to a news release. All defined benefit liabilities of the Tomkins plans are now fully insured.

“This is the last of the risk transfers for these schemes, there are already policies in place for some of the members,” Mr. Clayton said in an email. “We will now start the process of moving to a full scheme buy-out.”

Law firm Hogan Lovells, consultant Mercer and actuary and administrator Buck Consultants advised the trustees on the transaction.

Mr. Clayton added in the release: “The trustees have over many years been working towards ensuring that the Tomkins schemes are fully funded and can be secured with an insurance company, to further guarantee the pension payments to members.”