The NG Bailey Pension and Life Assurance Plan has completed a £155m buy-in with Pension Insurance Corporation (PIC).

The transaction covers the benefits of 1,581 scheme members and means all members of the pension scheme now have their benefits secured following a series of buy-ins.

XPS acted as transaction adviser to the trustee, while EY provided transaction advice services to scheme sponsor NG Bailey.

The pension scheme received legal advice from Walker Morris and Stephenson Harwood acted as legal adviser for NG Bailey.

Slaughter and May provided legal advice services to PIC on the transaction.

NG Bailey is a UK-based engineering and infrastructure services provider founded in 1921, working across a range of sectors within the building and infrastructure industry.

Commenting on the completion of the deal, NG Bailey Pension and Life Assurance Plan trustee and Birchmoor director, Jon Sharp, said: “We were particularly impressed with PIC’s focus, commitment and passion in providing a great outcome for our members.

“It’s clear the team went above and beyond to provide competitive solutions that exceeded our expectations throughout the process.”

PIC head of new business strategy, Deepash Amin, said the insurer was delighted to have completed the transaction.

“The trustee and its advisers were clear on their objectives and well prepared, enabling a smooth and quick transaction,” Amin stated.

“Member outcomes were a key priority for the trustee and we’re proud to have been selected in large part due to our focus on customer service for our policyholders.”

XPS Pensions Group head of risk settlement, Stephen Purves, added: “We are pleased to have led the advice to the trustee and to have helped improve the security of the plan members’ benefits through this buy-in transaction.

“Working collaboratively across a joint working group between trustee and company teams meant we were able to complete this transaction both quickly and efficiently, securing an exceptional outcome for all parties.”

---