The trustees of the Radius Systems’ pension scheme have transferred its pension obligations into a buy-out arrangement with an insurer.
The deal, valued at just under £100 million, saw trustees, which were advised by Mercer, transfer the scheme’s obligations to insurer Rothesay Life.
According to Mercer, the transfer cut short what would otherwise have been a much longer wind-up process.
Robin Freeman, chair of the trustees, said: “This is an excellent result for the scheme’s beneficiaries as it provides immediate certainty of benefits.
“In addition, as part of the deal, it was possible to be prescriptive on future discretionary pension increases, therefore making this part of the benefits certain at a time when market conditions were favourable.”
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