Dr Martens Airwair Group Pension Plan has completed a £7.5m buy-in with Pension Insurance Corporation (PIC), securing the benefits of 455 members.

PIC was advised by HSF Kramer, while the trustees were advised by Barnett Waddingham as risk transfer adviser.

Baker McKenzie acted as legal adviser, XPS as scheme actuary and administrator, and Schroders Solutions as fiduciary manager.

Pi Partnership chair of trustees, Paul Black, said the buy-in marked an “important step” in strengthening member security.

He added that PIC’s track record of customer service and commitment to sustainability were key factors in the trustees’ decision, and highlighted the collaborative approach taken by the trustees and the sponsor to achieve a timely outcome.

PIC head of origination structuring, Matt Richards, noted it had been a pleasure working with the trustees and their advisers, describing the transaction as a year-end highlight.

He praised the sponsor’s heritage and focus on durable, high-quality products, which he claimed aligned closely with PIC’s own values and commitment to long-term security for policyholders.

Meanwhile, Barnett Waddingham risk transfer actuary, Olivia Westwood, said the firm was pleased to have led the transaction on behalf of the trustees, securing member benefits less than a year after its appointment.

She noted that the plan’s unique benefit structure required careful simplification and the selection of an insurer that could provide sufficient flexibility, supported by strong collaboration among all parties.

---