Food For Britain has become the first public sector organisation to offload the liabilities of its defined benefit pension scheme through a bulk annuity buyout arrangement.
The move, which will see the Pension Insurance Corporation insure Food For Britain’s Retirement Benefit Scheme’s £20m liabilities, comes at a time when the food industry export promotion agency. primarily funded by the Department for Environmental Food and Rural Affairs (Defra), is being wound up.
The scheme’s 125 members affected by the deal will be issued with individual insurance policies by the Pension Insurance Corporation in due course.†
In addition, the scheme’s trustees have received assistance and advice from HR consultancy Mercer and law firm CMS Cameron Mckenna.