Edmund Truell's Pension Corporation has completed its first two scheme restructurings, revamping the funds at Threshers, the UK wine retailer, and electrical company Thorn. Truell's venture becomes the second of the new breed of pensions buyout assurers to announce significant deals under its belt.

Truell, a founder partner at buyout group Duke Street Capital, is building Pensions Corporation into an outfit that conflates private equity and insurance expertise. He has in-house pensions knowhow courtesy of Xafinity Consulting, a Duke Street portfolio company.