Citi and Pension Insurance Corporation Execute Buyout of £1.5 Billion EMI Pension Fund Business Wire LONDON -- July 9, 2013 Citi, together with the sponsor and trustee of the EMI Group Pension Fund (the “Fund”), have concluded the largest ever pension insurance buyout in the UK with Pension Insurance Corporation (“PIC”), a specialist provider of insurance solutions for defined benefit pension funds. The transaction covers £1.5 billion of liabilities and 20,000 members. The transaction enables the trustee to insure all liabilities of the Fund with PIC, providing certainty to members and all parties involved. Clive Gilchrist of BESTrustees and Chairman of the trustee company said: “I have written to the Fund members telling them that their benefits have been secured in full with PIC; as a trustee, fully securing benefits is the ultimate goal. An enormous amount of time and effort has been put into this by all concerned. The outcome demonstrates how worthwhile it has been.” Swapnil Katkar of Citi’s Pension Solutions team said: “We ran a disciplined process that allowed the trustee and sponsor to achieve their objectives of acquiring all risk cover on competitive terms from a leading provider. Working closely with the trustee board, sponsor representatives, insurers, legal counsel and actuarial advisors allowed us to conclude the policy acquisition within five months, ahead of plan, despite the low interest rate environment and volatile market conditions.” David Collinson, co-head of Business Origination at Pension Insurance Corporation, said: “We are proud to have completed this transaction, the largest ever pension insurance buyout. We worked closely with all parties to help them move rapidly through the process and to give them price certainty through an “All Risks” structure.” Citi was supported by Clifford Chance and Mercer, the Trustee by Premier Pensions Management, Sacker & Partners and Towers Watson, and PIC by Herbert Smith. About Pension Insurance Corporation Pension Insurance Corporation (“PIC”) provides tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension funds. A market leader, PIC brings safety and security to scheme members' benefits through innovative, bespoke insurance solutions, which include deferred premiums and the use of company assets as part payment. PIC has almost £9bn in assets and has insured more than 85,000 pension fund members. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com. About Citi Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi Contact: Pension Insurance Corporation Jeremy Apfel, +44 20 7105 2140 firstname.lastname@example.org or Citi Jeffrey French, +44 20 7500-8304 email@example.com
Citi and Pension Insurance Corporation Execute Buyout of £1.5 Billion EMI Pension Fund
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