Securing our Pension Plan for the future

We are pleased to announce that NG Bailey has successfully completed a £155m buy-in with Pension Insurance Corporation (PIC) for the NG Bailey Pension and Life Assurance Plan (the Plan).

We are pleased to announce that NG Bailey has successfully completed a £155m buy-in with Pension Insurance Corporation (PIC) for the NG Bailey Pension and Life Assurance Plan (the Plan).

This milestone means that all Plan members now have their benefits fully secured for the long term, following a series of strategic steps taken over the past decade to de-risk the Plan. The buy-in transfers responsibility for paying pensions to PIC, a highly regulated insurer with a strong financial rating, removing risk from our balance sheet and providing certainty for both the business and our members.

Why this matters:

• Guarantees lifetime security for 1,581 Plan members
• Strengthens NG Bailey’s financial position by eliminating pension risk
• Completes the journey we began in 2015 to protect our people and our business

This achievement reflects excellent collaboration between the Plan Trustee, NG Bailey teams, and our advisors, and demonstrates our commitment to responsible financial stewardship.

Thank you to everyone involved in delivering this outstanding result.

*The Plan is a legacy Defined Benefit arrangement which closed to future accrual in 2010 and is separate from the current NG Bailey Worksave Pension Scheme provided by Legal & General