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Pension Corp secures largest ever insurance buyout

Pension Corporation’s subsidiary Pension Insurance Corporation is set to insure Thorn Limited’s pension fund in what they claim is the largest ever UK pension insurance buyout.

The buyout involves the settlement of £1.1bn of pension liabilities and the securing of benefits for over 15,000 scheme members.
 
Pension Insurance Corporation says it provides increased long-term security to the fund’s members. It will also uplift members benefits by around 5 per cent.
 
Thorn Limited director Andrew Gurnham says: “Thorn is delighted that members’ pension benefits have been secured through this insurance agreement and, coupled with increased member entitlements, believes this deal is the best possible outcome for the group’s former employees. Thorn is also pleased to have removed any uncertainty about its future pension liabilities in the light of current volatile market conditions. The company would like to thank the Trustee board for managing the transaction in a highly professional manner.”
 
Pension Corporation chief executive Edmund Truell says: “We are pleased to have concluded this pension insurance deal, the largest ever. Also, we are delighted to be able to insure, as part of the buyout, enhanced benefits to the fund’s members. Pension Insurance Corporation has a risk-averse asset and liability management approach, this has earned its spurs in these challenging markets and kept us at the forefront of the industry.”
 

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