PIC has completed a £24 mn full buy-in of the Holophane Retirement Benefits Scheme, securing pension benefits for 95 pensioners, dependents, and 74 deferred members. The scheme is sponsored by Holophane Europe Limited, a Milton Keynes-based company with over 125 years of expertise in innovative lighting solutions.
Payam Kazemian, representing ZEDRA Governance Limited, highlighted this milestone as a critical step in de-risking the scheme and ensuring members’ financial security. Kazemian emphasized the collaborative efforts with advisers, PIC, and the sponsoring company to achieve this result. The transaction underscores the value of PIC’s comprehensive market solutions, providing long-term stability for smaller schemes.
The completion of this buy-in marks a significant milestone in the strategic de-risking journey of the Scheme and delivering financial security for members
Payam Kazemian, ZEDRA Governance, the Chair of Trustees
“It was great to work collaboratively with the Company, our advisers, and PIC to achieve this outcome. The advantage of PIC offering a whole of market solution means that this smaller sized transaction nonetheless brings long-term security to the Scheme members’ benefits,” Payam Kazemian says.
Jake Stanbridge, Origination Actuary at PIC, expressed pride in supporting the scheme and tailoring a solution to meet its unique needs. He noted the effective collaboration and efficient process facilitated by the scheme’s advisers.
Adolfo Aponte, Managing Director at Cardano, commended the strategic approach that secured favorable terms for this small-scale transaction. He praised the thorough preparation and effective execution that ensured a positive outcome for members.
“It’s been a pleasure to advise on this transaction, supporting the Trustees in achieving a positive outcome for members. Thorough preparation and the right market approach strategy facilitated this trade on attractive terms, even for a small scheme.”
Adolfo Aponte, Managing Director, Cardano
The Holophane Retirement Benefits Scheme is a defined benefit pension plan established by Holophane Europe Limited, a company renowned for its expertise in lighting solutions. The scheme provides retirement and associated benefits to its members, including pensioners, dependents, and deferred members.
In September 2020, the Trustees of the scheme prepared a Statement of Investment Principles (SIP) in accordance with Section 35 of the Pensions Act 1995 and its attendant regulations. This document outlines the investment strategy and objectives of the scheme, ensuring that the trustees manage the scheme’s assets prudently to meet its liabilities.
Additionally, the scheme has an Engagement Policy Implementation Statement (EPIS) that details the trustees’ approach to investment stewardship, including how they monitor and engage with investment managers and other stakeholders to promote the long-term success of the investments.
In January 2006, a determination by The Pensions Ombudsman involved the Holophane Europe Retirement Benefit Scheme, addressing a complaint regarding the failure to make a required transfer payment. This case highlights the importance of proper administration and adherence to regulatory requirements within pension schemes.
In December 2024, Pension Insurance Corporation (PIC) completed a £24 million full buy-in of the Holophane Retirement Benefits Scheme. This transaction secured pension benefits for 95 pensioners and dependents, as well as 74 deferred scheme members, marking a significant milestone in the scheme’s de-risking strategy and enhancing financial security for its members.
Overall, the Holophane Retirement Benefits Scheme demonstrates a commitment to providing secure retirement benefits to its members through prudent investment strategies, regulatory compliance, and strategic de-risking initiatives.
