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Very happy with service.
Christine Morris,
Twyford Bathrooms
Kat & Jason are very good at making it happen – they just take care of it.
Stephen Allaker ,
Bristol Myers-Squibb
So much more proactive than the previous company. On the ball - thinking in advance of things needing doing - very proactive.
Paul Rudd ,
Chairman of Trustees, Express Newspaper
Fiona brings perspective from other schemes and therefore a wider knowledge.
Colin provides expert trusteeship. He guides former employees not familiar with legal constraints and restrictions - he is aware of them and helps solve problems - very happy.
Keen to assist and helpful.

PSGS helps achieve full security for Evonik’s pension scheme members


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Date published:

Tuesday, 19 January 2021

Having worked with Evonik for over 10 years as professional trustee and scheme secretary to their four UK pension schemes, helping them reach the end of their journey plan is a real positive. Announced today is a £544 million full buy-in with Legal & General for the schemes, securing the benefits of over 3,600 UK defined benefit (DB) pension scheme members.

The Trustee and company worked in partnership with Legal & General on a sole insurer basis to complete the buy-in transaction within just three months of initial discussions. As part of the de-risking process the Trustee, following strategic advice from LCP, merged its four UK pension schemes to facilitate the transaction and achieved its aims by locking the premium to the value of the schemes’ assets held with LGIM.

PSGS’ Colin Marsh, Chair of Trustee, commented:

“I am pleased that through this transaction we have achieved the Trustee’s long-term goal of ensuring the benefits promised to its members are fully secured. By working closely with the sponsor and our skilled advisers, the Trustee was able to move quickly to secure a positive outcome for our members.”

This allows Evonik to continue its global pensions de-risking journey and demonstrates the benefits of effective collaboration among all parties and a solutions-driven approach.

More detail on the buy-in are available below:


Legal & General’s press release


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