Sackers advises Siemens trustees on £1.3bn buy-in with PIC
Sackers advised the trustees of the Siemens Benefit Scheme on a buy-in securing the benefits of around 6,000 members in its DB scheme. The bulk annuity transaction with Pension Insurance Corporation (PIC) covers £1.3bn of liabilities.
Siemens chair of trustees Joanna Matthews said: “We are delighted to have completed this transaction, notable for its speed and efficiency and I would like to thank everyone involved for their hard work in making this happen. This is a great result for all members of the Scheme, reducing overall levels of risk.”