UK Pensions - PC buys Thorn scheme

News

After buying UK electrical company Thorn in 2006, Pension Corporation (PC) has organised a buyout of the company's £1 billion pension scheme with its regulated insurance subsidiary PIC.

According to Chris Martin of Independent Trustee Services (ITS), chairman of the scheme trustees, PC offered to wind up the scheme on condition that the trustees accepted PIC's buyout. The trustees were advised by Hewitt, while the bidding process was organised by Mercer.

Martin said the 15,000 member scheme is "ve