Client feedback


Many organisations and people provide the services that clients need. In my opinion, the differentiator is in the way those services are provided and to that extent, Kathy embodies the qualities that I have come to value from PSITL. Kathy is organised but not fussy; diligent but not dogmatic; persistent without being pushy and compliant in a pragmatic way. Whilst she takes ownership and drives issues forward, Kathy is a team player who uses her and her colleagues experience to provide services to her trustee client whilst working closely with those like me representing the sponsoring employer. She works collaboratively with advisers but constructively challenges the scope of services, fees and service standards whenever necessary and makes sure that member needs are always taken into account. I enjoy working with her and trust that she will deliver what is required by the trustee and the members they represent in a manner satisfactory to the sponsoring employer.
Stuart Barker,
Internal Pensions Consultant, RSPCA
They have helped us save much more and created a cohesive plan to de-risk whilst building an integrated pension team.
Sally-Anne Borrill,
T-Systems
I learnt more than I expected to at the trustee training course. A good introduction to the trustee role.
Rob Hartley,
RSPCA
Excellent service - as expected and why PSGS was chosen.
Stuart Barker ,
Independent Occupational Pensions Consultant, RSPCA
PSGS were overall more professional than others.
Paul Staniland,
Kier
Gillian goes above and beyond, she is very responsive to the whole team and delivers outstanding work.
Wendy Stansfield,
Vector Aerospace

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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