The C&J Clark Pension Fund, Somerset, England, completed a second buy-in with the Pension Insurance Corp., meaning all £820 million ($1 billion) in liabilities are now covered for the pension fund.
The insurer said it had completed a £540 million buy-in, following its first agreement covering £280 million in liabilities in 2022. The latest buy-in secures the benefits of almost 5,000 plan participants.
The plan’s sponsor trades as Clarks, a British footwear retailer founded in 1825 in Somerset, where its headquarters remain. The Clarks brand owns over 500 stores around the world, as well as hundreds of franchises located globally.
“We are pleased to achieve our long-standing ambition to fully buy-in the C&J Clark Pension Fund which is a major step in fully securing members’ benefits at the same time as eliminating pension related balance sheet volatility,” said Philip Yau, chief financial officer at Clarks, in the release.
Isio led the advice to Clarks with legal advice provided by Burges Salmon. The trustees received legal advice from Travers Smith, investment advice from Willis Towers Watson, and covenant advice from Penfida. PIC was advised by CMS.