Balancing risk and security: Eversheds Sutherland advises the Trustee of the ICAEW Staff Pension Fund on £58m buy-in

Eversheds Sutherland has advised longstanding client, the Trustee of the Institute of Chartered Accountants’ Staff Pensions Fund, on a £58 million partial buy-in with Pension Insurance Corporation (PIC).

The transaction represents the Fund’s third and final buy-in policy, securing the benefits of the remaining uninsured members and covers approximately 50% of the Fund’s total liabilities.

The Institute of Chartered Accountants in England and Wales (ICAEW) is a world-leading professional membership organisation that supports and develops chartered accountants and students across the globe.

The buy-in marks an important stage in the Fund’s long-term de-risking strategy and will provide greater security for members’ benefits.
The Eversheds Sutherland team was led by Partner Emma King and comprised Jill Walters, Principal Associate, and Yatin Arora, Associate.

Emma King, Partner at Eversheds Sutherland, said:
“Buy-ins remain an important option for trustees looking to reduce risk and enhance member security. This transaction was the result of careful planning over a number of years and reflects the Trustee’s continued focus on delivering positive outcomes for members. We’re delighted to have supported a longstanding client on the latest stage of their journey.”

Edward Levy on behalf of the Trustee of the Institute of Chartered Accountants’ Staff Pensions Fund, said:
“The Fund has been on a long-term derisking journey and we are delighted to have concluded this latest stage with PIC, with excellent support from our advisers including the Eversheds Sutherland team.”