Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • May 2012
05

PIC in £160m buyout of Gartmore pension scheme

Open-access content Wednesday 2nd May 2012 — updated 5.13pm, Wednesday 29th April 2020

Pension Insurance Corporation (PIC) has completed the buyout of the Gartmore pension scheme.

2

The deal, announced by PIC's parent company Pension Corporation, covers all 600 members of the asset management firm's scheme totalling around £160 million of liabilities.

Gartmore Group Limited was acquired by global asset management firm, Henderson Group plc in April last year.

Lane Clark & Peacock and Sacker & Partners acted as advisors to the scheme's Trustee for the transaction, while PIC was advised by Herbert Smith.
 
The chief executive of Henderson Group, Andrew Formica, said that the buy-in agreement with PIC removed risk from the pension fund and most related risks from Henderson's shareholders following the Gartmore acquisition.
 
Mark Ashworth, at Law Debenture Pension Trustees, as chairman of the scheme's Trustee said that an insurance buyout had been under consideration since before the Henderson takeover.

"Monitoring the position with LCP we identified the pricing improvements at the end of 2011," he said. "Working closely with Henderson we moved quickly to complete a proper process while the favourable market conditions persisted.

"The success of this transaction is testament to what can be achieved through effective decision-making when trustees and sponsors and their respective advisers work closely together."
 
David Collinson, PIC's co-head of business origination, pictured, said: "The Trustee and its advisers had clearly managed pensions risk extremely well over the past few years, and having monitored market movements carefully was able to move very quickly to secure member benefits. Their proactivity and foresight gave them the opportunity to secure their members' benefits for the long-term."
 
LCP partner, Charlie Finch, commented on the PIC team's flexibility and responsiveness during the process, allowing a swift turnaround.

"With the pent-up demand for de-risking and current favourable buy-in pricing I expect the record levels of transactions in 2011 to continue into 2012," he said.

This article appeared in our May 2012 issue of The Actuary.
Click here to view this issue
Filed in
05
Topics
Pensions

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Pensions Actuarial Analyst

London, Midlands, Scotland
£Market Competitive
Reference
143788

Senior Manager/Director level roles - Life insurance

Stirling
Generous salary with excellent bonus and benefits
Reference
143787

Reinsurance Pricing Actuary

London (Central)
£60-90K depending on experience
Reference
143786
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ