MacDermid Canning has completed an insurance buyout of its defined benefit (DB) pension scheme.
The bulk annuity for the global speciality chemicals organisation’s scheme, which has 670 members, amounts to £50 million.
Aon Hewitt and Eversheds were appointed to advise on the deal and the Pension Insurance Corporation was appointed to secure the benefits for members.
The annuity contract was signed in a week after the transaction was agreed.
Jack Hulme, chair of the trustee board of the MacDermid Canning Pension Scheme, said: “The returns achieved and quickly locked into were a key point in the history of the scheme.
“We were tightly managed through the steps needed to reach our goal of member protection.
“We gained clarity and direction, which enabled us to be confident that we had made the correct decision to secure our members’ future.”
