PIC, a specialist insurer of defined benefit pension schemes, has concluded a £155 million buy-in with the Trustee of NG Bailey Pension and Life Assurance Plan (‘the Plan’). The transaction covers the benefits of 1,581 Plan members and means all Plan members now have their benefits secured for the long-term, following a series of historic buy-in transactions.

NG Bailey is the UK’s largest independent engineering and infrastructure services provider. Founded in 1921, it has grown to become an industry-leading business, working across a variety of sectors within the building and infrastructure industry. Its innovative, responsible and forward-thinking approach allows them to work on fantastic ground-breaking projects, providing high-quality solutions for clients.

Jon Sharp, Director, Birchmoor, Trustee for NG Bailey Pension and Life Assurance Plan: “We were particularly impressed with PIC’s focus, commitment and passion in providing a great outcome for our members. It’s clear the team went above and beyond to provide competitive solutions that exceeded our expectations throughout the process.”Deepash Amin, Head of New Business Strategy at PIC said: “We are delighted to have completed this transaction. The Trustee and its advisors were clear on their objectives and well prepared, enabling a smooth and quick transaction. Member outcomes were a key priority for the Trustee and we’re proud to have been selected in large part due to our focus on customer service for our policyholders.”

Stephen Purves, Head of Risk Settlement at XPS Pensions Group: “We are pleased to have led the advice to the Trustee and to have helped improve the security of the Plan members’ benefits through this buy-in transaction.

“Working collaboratively across a Joint Working Group between Trustee and Company teams meant we were able to complete this transaction both quickly and efficiently, securing an exceptional outcome for all parties.”

XPS acted as transaction advisor to the Trustee and EY acted as transaction advisor to NG Bailey. The Plan received legal advice from Walker Morris and Stephenson Harwood acted for the Company. PIC received legal advice from Slaughter and May.