Three pension schemes sponsored by Baker Hughes have completed simultaneous buy-ins with Pension Insurance Corporation (PIC), worth a combined £900m.

The deal covers the pensions of over 3,000 pensioners and dependants, and nearly 4,000 deferred members, across three schemes: the Baker Hughes (UK) Pension Plan, the Brush Group Pension Scheme, and the Pipeline Integrity International (PII) Group Pension Scheme.

WTW and Baker McKenzie advised Baker Hughes on the deals, while PIC was advised by Herbert Smith Freehills, and CMS provided transaction legal advice for all three schemes.

While WTW led on the transactions, each scheme had their own adviser.

In particular, WTW acted as scheme actuary for the Baker Hughes (UK) Pension Plan, while LCP acted as investment adviser, and Aptia as the administrator for the scheme.

Aon was the scheme actuary, administrator and investment adviser for the Brush Group Pension Scheme, while Cardano acted as fiduciary manager, while Squire Patton Boggs was the legal adviser.

Alongside this, First Actuarial provided actuarial, administration and investment services, and Irwin Mitchell was the legal adviser to the PII Group Pension Scheme.

PwC also provided financial strength advice to the three schemes.

Baker Hughes (UK) Pension Plan chair and Law Debenture director, Sally Minchella, commented: “Achieving this transaction in expedited timescales is a great result for members and is testament to the highly collaborative approach between the trustees of all three schemes, the company, PIC and the hard work of our advisory teams.”

This was echoed by PII Group Pension Scheme chair, Colin Mcfadden, who said: “We are very pleased to have completed this transaction, which improves security for our members.

“The PIC team showed a flexible and innovative approach to ensure our members’ needs were met. I’m very grateful to our advisers for their hard work on this project and historically.”

Brush Group Pension Scheme chair, Andrew McKinnon, said: “We selected PIC due to their track record and focus on members, combined with their ability to meet our specific requirements.

“I’d like to thank our advisers for their hard work over many years to get the scheme to this point.”

PIC head of origination structure, Matt Richards, added: “It’s very rewarding having concluded these buy-ins with Baker Hughes.

“Each of the schemes covered had specific requirements that needed specialist structuring. It’s thanks to the fantastic teamwork of everyone involved that we were able to conclude the deal in a relatively short time frame.”

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