LONDON - Pension Corporation, a leading provider of risk management solutions to defined benefit pension funds, today announces that Pension Insurance Corporation (”PIC”) is to insure the remainder of the Thomson Regional Newspapers (”TRN”) Pension Fund, a pension scheme sponsored by Citigroup (”Citi”).
The TRN Trustee directors purchased a bulk annuity contract from PIC, the FSA authorised and regulated insurance arm of Pension Corporation. The policy covers primarily the deferred members of the scheme with liabilities valued at approximately GBP35m.
The insurance policy will be held as an asset by the TRN Pension Fund. The Trustee Directors will continue to be responsible for paying benefits to the Fund’s members.
Steve Balmont of Law Debenture, Chairman of the TRN Trustee body said:
“We are pleased to have worked together with Pension Insurance Corporation, Citi and our advisors to purchase a further insurance policy that puts the Fund members’ benefits on an even more secure footing.”
Jay Shah, co-head of origination, Pension Corporation, said:
“We worked closely with the Trustee directors, their advisers and Citi to achieve their immediate objectives of providing a tailored insurance solution. This deal follows on from several other innovative insurance solutions provided by Pension Corporation to pension schemes in recent months.”
Francis Fernandes, Citi, said:
“We are delighted to have helped structure this deal. Under Citi’s sponsorship and also now the PIC insurance solution, the TRN Fund enjoys a level of security to which most other UK pension schemes can only aspire. We believe TRN is a great example of how pension scheme risk-management should operate in practice.”
About Pension Corporation
Pension Corporation removes pension risks from the trustees and sponsors of defined benefit pension funds. As a market leader it is the counterparty to risks ranging from full pension insurance buyout to longevity risk insurance, sponsor stewardship and asset-liability management. Established in 2006 by the Truell Charitable Foundation, the Group now provides increased levels of security and stability for fund members through Pension Insurance Corporation Ltd (”PIC”), an FSA authorised and regulated insurance company; and Pension Corporation Investments LP Inc. (”PCI”). For further information please visit www.pensioncorporation.com
Enquiries: Pension Corporation, Jeremy Apfel, +44-20-7105-2140 Financial Dynamics, Nick Henderson, +44-20-7269-7114 Caroline Parker, +44-20-7269-7295
Source: Pension Corporation
Enquiries: Pension Corporation, Jeremy Apfel, +44-20-7105-2140; Financial Dynamics, Nick Henderson, +44-20-7269-7114; Caroline Parker, +44-20-7269-7295
Related Press Releases
Institutional Hedge Fund Investor Database ReleasedSeptember 21st, 2009 Information Company Inc., a New York-based business information provider, has just released a Directory of 600 Institutional Hedge Fund Investors. These investors, including public pension funds, endowments and foundations as well as private banks, funds of private equity funds and family offices, have already started investing or just announced plans to begin investing in hedge funds and private equity funds.
Physical Gold Ltd. to Offer Gold SIPPs to UK Retail InvestorsSeptember 10th, 2009 LONDON -
Physical Gold Ltd. today announces the official launch of its partnership with Pointon York SIPP Solutions to offer UK retail investors the opportunity to include solid gold bars into UK Self Invested Personal Pensions (SIPPs).
Retirement Benefits Slashed at RBSAugust 24th, 2009 LONDON - Unite, Britain's biggest union, has today described RBS's planned cuts to its pension scheme as a 'body blow' to its 60,000 staff. RBS today (25th August) announced changes to the group's defined benefits final salary pension scheme.
Pension Insurance Corporation Insures the Walthamstow Stadium Limited Retirement Benefits SchemeAugust 23rd, 2009 LONDON - Pension Corporation, a leading provider of risk management solutions to defined benefit pension funds, today announces that the Trustee of Walthamstow Stadium Limited Retirement Benefits Scheme has accepted a proposal to insure its benefits with Pension Insurance Corporation ("PIC"). The pension scheme has assets of GBP19 million.
IBM Faces Pensions Backlash, Warns UniteAugust 16th, 2009 LONDON -
LONDON, August 17 /PRNewswire/ --
Unite, the UK's largest union, is warning IBM to brace itself for a backlash from thousands of employees against the company's plans to close the final salary pension schemes to future accrual and to alter the terms of its early retirement scheme. Whilst Unite is in the midst of an industrial action consultative ballot at Fujitsu, the fight back at IBM has been gathering pace as hundreds of angry workers have been joining the union.
Barclays Staff Tell Shareholders: "Protect our Pensions"August 5th, 2009 LONDON -
Date: Thursday, 6th August 2009
Time: 9.30am - 11.30am
Location: The Brewery, Chiswell Street, London, EC1Y 4SD
Workers from Barclays are today (Thursday) protesting outside the Barclays shareholder meeting as part of their dispute regarding pensions. Unite members will carry placards stating: "Hands off our pensions" to highlight their anger at proposals by Barclays to close their final salary pension scheme.
Pension Risk Transfer Market to Exceed GBP10 Billion in 2009August 4th, 2009 LONDON - Pension Corporation, a leading provider of risk management solutions to defined benefit pension funds, expects that the trustees and sponsors of defined benefit pension funds will drive the market for pension risk transfer solutions to more than GBP10billion in 2009. This would represent a growth in the market of 25% over the 2008 market, which saw just over GBP8billion of pension insurance transacted.
Pension Insurance Corporation to Insure the Warwick International Group Pension SchemeJune 8th, 2009 LONDON - Pension Corporation, a leading provider of risk management solutions to defined benefit pension funds, today announces that the Trustees of the Warwick International Group Pension Scheme have agreed a pension insurance buy-in agreement, to insure members' benefits with Pension Insurance Corporation ("PIC"). The transaction relates to retired pensioners only and the liabilities are valued at approximately GBP57m.
Pension Insurance Corporation to Insure the Retirement Benefits Scheme of Food From BritainApril 26th, 2009 LONDON - Pension Insurance Corporation, a leading provider of risk management solutions to defined benefit pension funds, today announces that it is to insure the Retirement Benefits Scheme of Food from Britain ("FFB"). FFB was a Food Industry Export Promotion Agency, primarily funded by the Department for Environmental Food and Rural Affairs (DEFRA), and is currently being wound up.
Mn Services Ready for UKApril 1st, 2009 RIJSWIJK, The Netherlands and LONDON - Mn Services Investment Management UK is now ready to offer its fiduciary management services to UK pension schemes. Following establishment of the UK operation in October 2008, Mn Services has now developed a complete UK fiduciary management proposition, has built its initial UK-based team, and has obtained the necessary regulatory approvals.
Related News
New Pension Scheme launched in India for all citizensMay 1st, 2009 NEW DELHI - The New Pension Scheme (NPS) has been launched on 'Labour Day' on Friday for all the citizens. This followed the confirmation by the National Interim Pension Regulator of the scheduled launch of the Mega Pension Plan from Friday.
Agents' incentives needed to push pension schemeSeptember 11th, 2009 KOLKATA - India's pension regulator has called for attractive incentives for collection agents in a bid to popularise the new social security scheme as they are the main point of contact between the subscriber and the pension fund. "Incentives are needed as there is no provision for commission under the recently launched NPS (New Pension Scheme)," said Praveen Kumar, executive director of Pension Fund Regulatory and Development Authority executive director here Friday.
NY pension fund investments take more than 26 percent hit from Wall Street meltdown, recessionMay 29th, 2009 NY pension fund takes more than 26 percent hitALBANY, N.Y. — New York state Comptroller Thomas DiNapoli says the state's massive public pension fund lost more than 26 percent on its investments during a fiscal year marked by Wall Street's meltdown and the recession.
New pension system to be offered to more segmentsJuly 2nd, 2009 CHENNAI - Expressing satisfaction over pension sector reforms, the government in its Economic Survey 2008-09 has said the new pension system (NPS) will be offered to more segments. "Efforts are underway to extend the NPS to new segments (autonomous bodies, state governments and unorganised sector) and introducing micro-pension initiatives," said the survey tabled in parliament Thursday.
Poll panel conveys 'displeasure' over release of pension adMay 6th, 2009 NEW DELHI - The Election Commission Wednesday conveyed its 'displeasure' to the government-run Pension Fund Regulatory and Development Authority (PFRDA) for releasing an advertisement in newspapers. The advertisement appeared in newspapers May 1, announcing a new pension system for all eligible citizens in the age group of 18-55.
Poll panel seeks explanation from pension fund authorityMay 2nd, 2009 NEW DELHI - The Election Commission Saturday asked the Pension Fund Regulatory and Development Authority (PFRDA) to explain why its advertisement of the New Pension Scheme' had been different from the version for which the poll panel had given permission. The poll panel asked the pension authority to explain the deviation and non-compliance with the panel's order for the advertisement which appeared in the Hindu newspaper.
New Pension Scheme has just 1109 takersAugust 11th, 2009 MUMBAI - The lack of awareness about the New Pension System (NPS) has resulted in only 1,109 subscribers applying for it by July 31. The Pension Fund Regulatory Development Authority (PFRDA) rolled out the NPS for all citizens from May 1.
Detroit official charged city pension fund $20,000 for trip to conference in DubaiMay 5th, 2009 Detroit official bills Dubai trip to pension planDETROIT — Records show a Detroit official charged the city's police and firefighters pension plan more than $20,000 for a trip to the Persian Gulf emirate of Dubai. The Detroit Free Press says city councilwoman Barbara-Rose Collins booked a nearly $10,000 business-class plane ticket to attend a pension conference in Dubai last fall.
Politically connected placement agents get subpoenas in NY pay-to-play pension probeMay 8th, 2009 Political agents get subpoenas in NY pension probeNEW YORK — Investigators probing influence peddling at the state pension fund have subpoenaed a number of politically connected New Yorkers who picked up big paychecks lobbying former officials at the retirement fund. State officials on Wednesday released a list of dozens of agents who acted as middlemen between investment firms and pension fund officials during the tenure of former comptroller Alan Hevesi.
New pension schemes for widows, disabled in interim budgetFebruary 15th, 2009 NEW DELHI - The government Monday announced two new pension schemes for widows and physically disabled in the interim budget 2009-10. The Indira Gandhi National Widow Pension Scheme will provide a pension of Rs.200 to widows in the age group of 40-64, while the Indira Gandhi National Disability Pension Scheme aims to provide pension to 'severely disabled persons', acting finance minister Pranab Mukherjee said in his budget speech in parliament.
