Pension Corporation, a provider of pension solutions, has announced that Pension Insurance has been selected to secure the pension benefits of members of Swan Hill Pension Scheme, sponsored by Raven Mount.
The agreement marks Pension Insurance’s entry into the defined benefit fund buy-out market. Pension Insurance is regulated by the Financial Services Authority.
Under the transaction, Swan Hill Pension Scheme’s assets and liabilities will be transferred to Pension Insurance in a transaction totaling GBP72 million. Scheme assets of GBP65 million are being topped up with an immediate GBP2 million contribution from Raven Mount and a further GBP5 million contribution on a one-year deferred basis.
Mark Weinberg, chairman of Pension Corporation, said: We have already worked successfully with Raven Mount and the Swan Hill trustees to identify a solution that best meets their needs and we look forward to building on this collaboration to ensure a seamless transfer and smooth administration for the Swan Hill fund’s members.