Schindler Group enters pension insurance buy-in

The Schindler Group (UK) 1988 Pension Scheme has entered into an insurance buy-in.

The transaction, which covers all the defined benefit (DB) pension scheme’s liabilities in respect of its current pensioners, was completed by Legal and General’s annuity de-risking business, and advised by JLT Employee Benefits and Pinsent Masons.

Ashley Greensmith, chairman of the trustees, said: “We are pleased to have completed the buy-in with Legal and General at an attractive price.

“The buy-in is an important step for the scheme because it enables us to continue our de-risking programme, which aims to provide future security for all our members.”