The trustee of the Brit Group Services Limited Defined Benefits (DB) Pension Scheme has agreed a £105.2m buy-in with a specialist insurer, Brit's Annual Financial Report has revealed.

The policy, which replaces the majority of the schemes investments, aims to provide added security for members, while also reducing the risk of the sponsoring employer, Brit Limited, being required to provide further funding to support member benefits.

Following this transaction, the scheme retains a surplus of USD 24.8m. No decision has been made as to whether the scheme will proceed to a full buy-out at some point in the future.

In related news, Kingspan's Annual Financial Report revealed that it has also agreed a bulk annuity transaction for one of its three legacy DB schemes.

The Colt Life Assurance and Retirement Scheme agreed the buy-in in December 2022, fully matching the remaining pension liability, with the buy-in net settled in cash for an amount of £14.1m (€15.9m) in January 2023.

More broadly, Kingspan confirmed that the net pension liability in respect of all DB schemes was €49.5m as at 31 December 2022, up from €28m in 2021, explaining that the fall in the value of scheme assets during the year was partially offset by actuarial gains on scheme liabilities.

The total pension contributions to these schemes, meanwhile, for the year amounted to €1.8m, while the expected contributions for 2023 are €nil.

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