Paternoster has taken on the assets of the pension fund of Morrison Bowmore Distillers.
Morrison Bowmore is one of Scotland’s oldest scotch whisky distillers and part of the Suntory Group.
The transaction has been agreed on a phased buy-out basis.
This means that whilst the scheme members benefit from the security of an insurance policy immediately on transfer of the schemes’ assets, the company is able to manage their business costs efficiently as a result of an arrangement to pay off the deficit over an extended period.
The trustees were advised during the process by PriceWaterhouse Coopers.
Morrison Bowmore Distillers trustee David Wilson says: “Paternoster was able to come up with a solution tailored to our circumstances. This flexibility, together with their evident experience of having done this before convinced us that they were the best option.”
Paternoster chief executive Mark Wood says: “The Trustees acted in the best interests of their members by taking advantage of the market conditions to secure their member benefits in full.”