The problem first arose when the steelworker, known as Mr N, requested a CETV quotation in August 2017 after resigning from Tata Steel and becoming a deferred member of BSPS.
Under pension auto enrolment, workers contribute 4 per cent of their qualifying earnings - currently between £6,240 and £50,000 a year - employers put in 3 per cent, and the Government contributes 1 per cent in tax relief.
Among the options for the GPIF, as the fund is known, could be to redeploy funds parked in short-term Treasuries into riskier assets after global sovereign yields dropped to record lows.
LCP advised the trustees on the planning, structuring, and negotiation of the buy-in, while Arc Pensions Law provided them with legal advice.
In May, during the height of the UK lockdown, they undertook the first international PRT transaction for IHS Markit. This transaction secured benefits for both their UK and US pension plans.