Pension Insurance Corporation Secures Benefits for 9,000 BHS Employees

  • Pension Insurance Corporation completes buyout of BHS2 Pension Scheme
  • £800m of BHS’s liabilities covered
  • Approximately 9,000 members to receive pension payouts
  • Members guaranteed to receive benefits under the BHS2 Scheme
  • Transaction completed earlier than expected

The Pension Insurance Corporation (PIC) has successfully completed a full pension insurance buyout of the BHS2 Pension Scheme, covering £800m of the defunct retailer’s liabilities and securing benefits for all approximately 9,000 members. This move ensures that these members will receive their BHS2 Scheme benefits as PIC policyholders. The BHS2 Scheme was established in 2017 after the collapse of BHS and Sir Philip Green’s cash injection. It covers employees who transferred from the two predecessor schemes. However, it does not include those who chose to join the Pension Protection Fund or took a lump sum instead of their pension. Chris Martin of Independent Trustee Services Limited praised the collaboration with PIC and advisers Barnett Waddingham, Eversheds Sutherland, and Willis Towers Watson for the early completion of the transaction. Uzma Nazir, head of origination structuring at PIC, expressed pride in securing members’ benefits through an insured annuity.

Factuality Level: 10
Factuality Justification: The article provides accurate information about the pension insurance buyout of the BHS2 Pension Scheme by Pension Insurance Corporation (PIC), includes quotes from relevant sources, and does not contain any irrelevant or misleading details. It also presents facts without personal perspective or opinion.
Noise Level: 1
Noise Justification: The article provides relevant information about a specific event in the pension insurance industry, with no irrelevant or misleading content. It is focused on the topic and contains factual statements supported by quotes from involved parties. However, it does not offer any new knowledge or actionable insights for readers.
Financial Relevance: Yes
Financial Markets Impacted: Pension Insurance Corporation (PIC) and the BHS2 Pension Scheme
Financial Rating Justification: The article discusses a pension insurance buyout by Pension Insurance Corporation (PIC) of the BHS2 Pension Scheme, which impacts financial markets as it involves a significant amount of £800m and affects the pensions of approximately 9,000 members. This transaction has an impact on the companies involved and the pension industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification:

Reported publicly: www.retailsector.co.uk