Holophane Retirement Benefits Scheme has completed a £24m buy-in with Pension Insurance Corporation (PIC), securing the pensions of 95 pensioners and dependants and 74 deferred scheme members.

The scheme received legal advice from Eversheds Sutherland, actuarial advice from Mercer, and investment advice from Cardano and Mercer. Cardano also acted as the lead transaction adviser to the trustees. CMS advised PIC.

Chair of trustees, Payam Kazemian, commented on the deal: "The completion of this buy-in marks a significant milestone in the strategic de-risking journey of the scheme and delivering financial security for members.

"It was great to work collaboratively with the company, our advisers, and PIC to achieve this outcome. The advantage of PIC offering a whole of market solution means that this smaller sized transaction nonetheless brings long-term security to the scheme members’ benefits."

Origination actuary at PIC, Jake Stanbridge, added: “We are delighted to have supported the scheme and the company in securing this buy-in for all the scheme’s members. This deal demonstrates PIC’s ability to help trustees of schemes of all sizes secure their members’ benefits for the long term.

"By working exclusively with the scheme, we were able to deliver a solution tailored to their needs. The scheme’s advisors ran an effective process and were a pleasure to work alongside."

Managing director at Cardano, Adolfo Aponte, said it had been "a pleasure" advising on the transaction.

"Thorough preparation and the right market approach strategy facilitated this trade on attractive terms, even for a small scheme," he stated.

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