Client feedback

“Colin provides expert trusteeship. He guides former employees not familiar with legal constraints and restrictions - he is aware of them and helps solve problems - very happy.”

“We now have a very collaborative approach between trustees and employer.”

Peter Millard,

Company Secretary, TRL Limited

“Very broad, comprehensive trustee training course covering a wide range of topics. Excellent!”

Tom Graham,

Star Group Pension Scheme

“Ian has added more value than we thought he would at the start… which shows it pays to go with someone who is doing the job of a professional trustee as their bread and butter.”

Katherine Cross,

Tyser

“We always receive an extremely high level of professionalism from PSGS, allowing us to make informed and appropriate decisions. Their advice is always timely and well received, allowing us to focus on what are the important key issues. They are always accessible and I would not hesitate to recommend their services!”

Danny Nussbaum,

HR Director, Volvo Group UK Limited

“Ann is very proactive and ensures we address all issues well ahead of time and extremely efficiently.”

Ian Edwards,

Comet

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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