Pirelli completes £100m pensions buy-in

Pirelli

Tyre production and technology organisation Pirelli has completed a £100 million pensions buy-in transaction for three of its defined benefit (DB) pension schemes.

The full scheme buy-in transaction is designed to secure the pension benefits for current employee members and retirees of the Pirelli General Executive Pension and Life Assurance Fund, the Pirelli Tyres Limited Executive Retirement Benefits Scheme, and the Pirelli General Overseas Retirement Benefits Scheme. These three DB schemes are sponsored by the employers Pirelli UK and Pirelli Tyres.

The £100 million transaction was completed with Pensions Insurance Corporation (PIC), with the process and organisations being advised by Mercer. Trustees of all three schemes received advice from law firm Lane Clark and Peacock (LCP), while Hogan Lovells gave legal advice to the organisations, and Gowling WLG further advised the pension scheme trustees.

Tony Goddard, pensions manager at Pirelli, said: “The trustees are delighted to have been able to conclude this transaction, which has allowed us to secure the benefits for current and past employees of three separate schemes.”

Flavio Cateni, head of group planning and reporting and pensions at Pirelli, added: “The timely and mutually satisfactory completion of this transaction is testament to PIC’s ability to be flexible and responsive and I am thankful to [it], as well as our advisers, Mercer and Hogan Lovells, for their advice and commitment.”