Hays Pension Scheme, London, has completed a £370 million ($467 million) buy-in with Pension Insurance Corporation, according to a news release.
Hays is a specialist recruitment and workforce solutions provider. The buy-in with PIC follows from the purchase of a bulk annuity policy from Canada Life for £271 million in 2018, and fully insures the plan's remaining benefit obligations.
This second buy-in will provide the firm the option to proceed to a full buy-out and winding up of the plan, at which point it will be removed from the group's balance sheet.
"We are delighted to have partnered with PIC who were selected on their strong track record and excellent customer service,” said Sean Burnard, director at The Law Debenture Pension Trustee and chair of trustees of the Hays Pension Scheme, in the news release.
“Being well prepared with good project management means we have secured good contractual terms with attractive pricing for our members,” he said.
The Hays Pension Scheme closed to future accrual on June 30, 2012, with pensions for then-active members calculated up until that point.
