Arnold Laver sells pension scheme to buyout corporation

The scheme has some 700 members and a fund size of over 40m.

PricewaterhouseCoopers, who advised Arnold Laver, helped to construct the deal, which includes a transfer option for deferred pensioner members and the use of a deferred premium arrangement.

PwC said the move allowed the company to maintain its current level of contributions while securing members' benefits.

Mark Bower, finance director of Arnold Laver & Co, said: "We have been aiming to secure our historical pension commitments for some time. PwC has helped us to manage the buyout process and complete a unique transaction with Pension Insurance Corporation. The deal allows us to focus on the continued expansion of our business going forward as well as our on-going pension scheme."

The last three or four years has seen a surge among UK firms seeking strategies to limit their pensions risks. PwC said it was working with a number of organisations considering transferring their pension risk.

Sam Smith, pensions consulting director, PwC in the North,

said: "Through working with Pension Insurance Corporation, we were able to help Arnold Laver reach a deal which achieves their commercial objectives while doing the right thing for its pension scheme members."

Matt Barnes, senior actuary at the Pension Insurance Corporation, added: "We are speaking to increasing numbers of trustees who recognise the benefits of removing some or all of the risk from their pension fund, yet feel unable to make a start due to a deficit in their funding position."