Westminster Abbey pension plan buy-in is approved by Pension Insurance Corp.
Atal Pension Yojana:1 Pension Plan Buy-In Is Approved.
A full buy-in of the Westminster Abbey pension scheme, valued at £25 million ($31 million), has been completed by the Pension Insurance Corp., a U.K.-based insurer of defined benefit pension funds.
For 107 deferred members and 125 pensioners who worked for Westminster Abbey, the buy-in covers their pension liabilities.
This transaction with a portion of the Church of England is PIC’s second. In order to finance retirement housing for retired clergy, the charitable arm of the Church of England Pensions
Board issued a long-term £70 million bond in 2015, which the PIC, which possesses assets worth £41 billion, invested in.
Sevana Pension:
In a PIC release dated December 18, Westminster Abbey Pension Scheme chair of trustees John O’Brien stated: “It
is a fantastic accomplishment to reach this important benchmark. This is the result of many years of arduous labor by both current and former trustees, and it would not have been possible without the Abbey’s conscientious backing of the plan.”
The actual Westminster Abbey is located in the heart of London. Constructed in 1245, the present structure contains the mausoleums of several English kings and has been recognized as a UNESCO World Heritage site since 1987.
According to Jay Shah, PIC’s chief origination officer, “PIC is delighted to have worked with the trustees of the Westminster Abbey Pension Scheme,” the release stated.
Old Age Pension:
Given that numerous, much larger schemes are currently attempting to reduce risk, being able to show PIC has the adaptability and flexibility to .The most satisfying transactions come in all sizes.”
Bloomberg revealed earlier this month that PIC is considering a sale at a possible valuation of over £5 billion.
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