The Atradius UK Pension Scheme has completed a £190m buy-in with the Pension Insurance Corporation (PIC).

The transaction secured the pensions of 344 deferred and pensioner scheme members, along with benefits accrued to date for 66 current active members.

Eversheds Sutherland and Isio provided legal advice to the scheme, while Herbert Smith Freehills LLP provided legal advice to PIC.

Atradius chair of trustees, Michael Thomas, said the buy-in transaction had gone “above and beyond” the objectives set.

“Isio’s clear advice, which made complex points simple to understand, and Eversheds-Sutherland’s pragmatic legal advice, made a significant decision very easy for the trustee," he continued.

"We are grateful for PIC’s flexibility in structuring the transaction in a way that meets our objectives and provides security to our members for the long term.”

PIC origination actuary, Adam Dann, added: “We are delighted to have completed this buy-in with the Atradius UK Pension Scheme.

"The preparation that the trustees and the company made before coming to market and the close collaboration between all the parties involved enabled this successful transaction.”

Originally based in Spain, Atradius is sponsored by the Spanish company ‘Atradius Crédito y Caución S.A. de Seguros y Reaseguros.’ It employs over 3,500 people and has revenues of €2.5bn to date.

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