Client feedback

“Fiona brings perspective from other schemes and therefore a wider knowledge.”

“Kathy, may l take this opportunity to thank you for your assistance. There were many times l thought l was losing my mind during my efforts with Aviva. You were a pillar of support for me and you saw my case through to the very end. I cannot thank you enough but thank you again. It is through people like you who strive for professional fairness as well as thoroughness, HCA has such a good reputation.”

Ethel Chimutwe,

HCA International Ltd Staff Retirement Benefits Scheme

“Extremely personable and professional.”

Kelly White ,

Tussauds

“In any major corporate transaction, time is of the essence. PSGS's pragmatic commercial approach helped us manage the pensions aspects of our group re-structure to ensure a positive outcome for all parties. ”

David Wilman,

CFO at Survitec Group

“They deliver above expectation when the scheme has a particular challenge.”

Ian Edwards,

Comet

“Ann and her team are very knowledgeable and proactive, liaise well with our other advisers and provide the Trustees with an invaluable secretarial service.”

Ian Edwards,

Chair of Trustees, Comet

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

Topic:

Hot topic

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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