The BHS2 pension scheme has concluded a buyout with Pensions Insurance Corporate (PIC) covering £800 million of liabilities and all of the approximately 9,000 members.
The pension obligations of the BHS2 scheme are now fully insured and secured with PIC, providing members with certainty of receiving their benefits.
The BHS2 Scheme is a new pension scheme set up in 2017 following the collapse of BHS, and the subsequent cash injection by Sir Philip Green. It covers members of two predecessor BHS Pension Schemes.
"An attractive pricing opportunity existed in the bulk annuity market, and so we proactively assisted the trustee to take advantage of the pricing opportunity to insure member benefits. Reaching this outcome for BHS2 so early is a testament to the combined efforts of all parties involved. We have provided actuarial and administrative support since the original insolvency of BHS in 2016 and are pleased to continue to support members through this process."
The full press release can be found here.