First open pension buy-out


Ceramics and high-tech materials manufacturer, Morgan Crucible, has completed the first buy-out of an open scheme with its deal to offload the pensioner liabilities of its £450 million pension plan to start-up bulk purchase annuity (BPA) provider Lucida.

The £170 million deal will result in Lucida effectively providing a "buy-in" for Morgan Crucible by providing the Windsor-based company with an insurance policy for its 2,700 pensioners. This will see the BPA company guarantee the income required

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