The Wiggins Teape pension scheme, established for UK employees of paper manufacturers Wiggins Teape and Arjo Wiggins Appleton, has entered into a £400m buyout arrangement.
The £400m bulk annuity transaction with Scottish Widows covers around two thirds of the pension scheme’s liabilities for the 4,000 members of the defined benefit (DB) pension scheme.
KPMG served as advisor to the pension scheme throughout the process.
Keith Taylor, head of pensions at the Wiggins Teape pension scheme, said: “The buy-in of the pensioner liabilities is a key de-risking step for the scheme, with a large proportion of the scheme’s liabilities now insured.”
