The trustees of the Westminster Abbey 1972 Retirement and Death Benefits Scheme have completed a £25m full-scheme buy-in with Pension Insurance Corporation (PIC).

The transaction covers the pension liabilities for 125 pensioners and 107 deferred scheme members who were employees of Westminster Abbey.

Barnett Waddingham acted as actuarial, administration, investment and risk transfer adviser to the trustees.

Pinsent Masons provided the trustees with legal advice, while PIC was advised by CMS.

This is PIC’s second deal with a part of the Church of England, with the insurer investing in a long-term £70m bond issued by the Church of England Pensions Board’s charitable arm to fund retirement housing for retired clergy in 2015.

“It is a great achievement to reach this significant milestone,” commented Westminster Abbey pension scheme chair of trustees, John O’Brien.

“This is the culmination of many years of hard work by trustees past and present, which would not have been possible without the abbey’s diligent support of the scheme.

“We would also like to thank our advisers Barnett Waddingham and Pinsent Masons for their leadership through the scheme’s journey to this stage, and to Pension Insurance Corporation for working with the trustees to achieve this buy-in transaction.”

Westminster Abbey receiver general, Paul Baumann, said the employer was “delighted” that the scheme was able to reach an agreement with PIC.

“It is a very positive outcome,” he continued. “Members’ benefits remain safe, and this is a simpler way of managing this pension fund.

“We are pleased to have worked closely with the trustees and their advisers to support the scheme to complete this transaction.”

PIC chief origination officer, Jay Shah, added: “PIC is delighted to have worked with the trustees of the Westminster Abbey pension scheme.

“As many much larger schemes are also seeking to de-risk at this time, being able to demonstrate PIC has the flexibility and adaptability to accommodate all sizes of transaction is most gratifying.”

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