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The Trustee of the Thorn Pension Fund has completed a landmark £1 billion transaction to purchase a bulk annuity contract from Pension Insurance Corporation, which will secure full benefits for more than 15,000 fund members. Members will also receive an increase to their existing benefits once the accompanying windup of the fund is complete.

Kevin McLaughlin, risk management advisor to the trustee and a principal with Mercer, says the company worked with the trustee to review the options that were available, including investigating investment and longevity hedging products as alternatives to an insured solution in order to get members the best deal.

Chris Martin, managing director of Independent Trustee Services Limited and chair of the Thorn Pension Fund trustee board, says the company’s proposal and the buyout is an excellent outcome for the fund’s members.

Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com