ICI Pension Fund Scottish Widows buy in builds on Funds strong de-risking foundations

14 June 2016

The ICI Pension Fund has completed a £630m buy-in with Scottish Widows – the Trustee’s eighth transaction since it introduced buy-ins to its de-risking strategy in 2013.

The buy-in sees Scottish Widows added to the Trustee’s insurer panel, alongside Legal & General and Prudential, to be considered for further bulk annuity transactions as the Fund continues its de-risking strategy.

Michael Chatterton, the director who represents LawDeb Pension Trustees as the independent professional trustee of the Fund commented on the innovative umbrella contracts in place and endorsed the views of the Fund’s chief executive that the buy-in builds on the strong de-risking foundations of £6.3bn liabilities insured to date.

The innovative umbrella contracts allow the Trustee to react to favourable market opportunities. The addition of Scottish Widows to our panel increases our ability to access effective de-risking solutions for the Fund and to continue to improve the security of members' benefits.

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