The Steria Management Plan (SMP) section of the Sopra Steria Retirement Benefits Scheme has secured a £113m full-scheme buy-in with Pension Insurance Corporation (PIC).

The bulk purchase annuity transaction covers the benefits of all 355 members of the scheme section.

Sopra Steria is a European technology firm that operates across nearly 30 countries and employs more than 50,000 people.

CMS acted as legal adviser to PIC, while Gowling WLG provided legal advice to the scheme trustee.

Mercer advised the sponsoring employer on the deal and led the insurance broking.

Sopra Steria Retirement Benefits Scheme deputy chair of trustees, David Best, led the final selection process and said the board was pleased to have agreed the transaction with PIC.

“PIC has a well-founded reputation for providing excellent customer service levels and the focus on their policyholders shone through during the process,” he added.

PIC head of new business strategy, Deepash Amin, said the insurer was impressed with the focus of the trustees on the member experience as part of the transaction.

“PIC is built around the delivery of our purpose, which is to pay the pensions of our current and future policyholders, and we look forward to welcoming the scheme members in due course,” Amin stated.

Sopra Steria UK CFO, Maria Greene, commented: “We’re pleased that the SMP defined benefit pension scheme has completed a buy-in transaction, which provides long-term security for members’ benefits and represents an important milestone for the company.”

Mercer principal and actuary, Chris Hawes, added: “We are proud to have led this project, working in close strategic collaboration with the trustee and scheme sponsor from the outset to secure the benefits of section members.

“Through a focused and competitive selection process, the strong partnership ensured that the shared objectives were successfully achieved.”

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