Lloyd’s Superannuation Fund insures DB pension

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The Lloyd’s Superannuation Fund (LSF) has concluded a pension insurance buyout for its defined benefit (DB) pension scheme.

The transaction, in conjunction with provider Pension Insurance Corporation, covers £40 million of pension liabilities.

The LSF is a multi-employer pension scheme that was established in 1929.Its members are employees and former employees of the organisations associated with the Lloyd’s of London insurance market.

The trustee of the scheme was advised by Barnett Waddingham.

Eric Stobart, chairman of the LSF, said: “The LSF trustee had clear objectives for this exercise, particularly around minimising risk.

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“Once the exiting employer agreed to work with the trustee on this, we were pleased that the hard work and approaches of Barnett Waddingham and Pension Insurance Corporation meant we were able to agree a fixed premium mechanism within the short timescale available. 

“The trustee was surprised that such a mechanism had not been used before, and expects that other schemes may wish to consider this in future.” 

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