Client feedback

“In my experience, not all professional trustees are able to cope with tricky or potentially confrontational situations. I find PSGS has massive experience in getting involved, earning the respect of others and resolving such issues. They get stuck in – they are a first rate team.”

Katherine Dandy,

Partner at Sackers & Partners

“Gillian and Curtis provide an excellent service to the trustees. They are approachable and possess a huge amount of knowledge. Everything appears to work smoothly which I am sure is due to the immense amount of work they do in the background to ensure all paperwork is available and up to date.”

Ian Woods,

KGPT trustees

“The team provide an excellent service with practical and commercial input that we have not found with anyone else.”

Mark Culwick,

Binding Site

“I would recommend them to anyone - I have dealt with a number of other independent trustee firms and would rate PSGS as the best. We are very happy with Mark and the service we get.”

Julia Morton,

Camellia plc

“Alex is the first professional trustee we have had and has revolutionised the way they look at things - helped above and beyond.”

Angela Clayton,

Accent Group

“Back in the day there was a large trustee board, with several independents (from the financial world) and the ex-Chairman of the company was offered the role as Chair of Trustees as a sweetener when he stepped down. Unionised company then divided - broad range of active members. They needed some expertise, consistency and leadership during this time. Wanted a serious/professional to lead and guide the trustees. ”

Dave Benstead ,

Diodes Zetex

PSGS helps achieve full security for Evonik’s pension scheme members

Topic:

Hot topic

Date published:

Tuesday, 19 January 2021

Having worked with Evonik for over 10 years as professional trustee and scheme secretary to their four UK pension schemes, helping them reach the end of their journey plan is a real positive. Announced today is a £544 million full buy-in with Legal & General for the schemes, securing the benefits of over 3,600 UK defined benefit (DB) pension scheme members.

The Trustee and company worked in partnership with Legal & General on a sole insurer basis to complete the buy-in transaction within just three months of initial discussions. As part of the de-risking process the Trustee, following strategic advice from LCP, merged its four UK pension schemes to facilitate the transaction and achieved its aims by locking the premium to the value of the schemes’ assets held with LGIM.

PSGS’ Colin Marsh, Chair of Trustee, commented:

“I am pleased that through this transaction we have achieved the Trustee’s long-term goal of ensuring the benefits promised to its members are fully secured. By working closely with the sponsor and our skilled advisers, the Trustee was able to move quickly to secure a positive outcome for our members.”

This allows Evonik to continue its global pensions de-risking journey and demonstrates the benefits of effective collaboration among all parties and a solutions-driven approach.

More detail on the buy-in are available below:

Legal & General’s press release

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