Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension funds, has completed a full scheme buy-in with the Trustee of the 2013 Next Group Pension Plan for £510 million.
The bulk annuity transaction represents the scheme’s second buy-in after it completed a £100m transaction in 2018.
The transactions have fully secured the benefits for over 3,600 pensioners and deferred members.
Chair of the Trustee Board and Managing Director of Law Debenture, Vicky Paramour said: “We are delighted to have reached a major milestone in providing our members with security in the payment of their pensions in retirement.
“I would like to thank PIC, our in-house pension team and LCP and HSF for their hard work and nimble approach in getting the transaction done. This process has demonstrated how constructive collaboration between Trustee, sponsor and respective advisers can result in an excellent outcome for members.”
Tristan Walker-Buckton, Co-Head of Origination at PIC, added: “PIC is really pleased to have had the opportunity to work with the Trustees of the 2013 Next Group Pension Plan to significantly de-risk the Plan, providing security to their members for the long-term.”
CMS Cameron McKenna Nabarro Olswang provided legal advice to PIC.The Trustee was advised by LCP while transaction legal advice was provided by Herbert Smith Freehills. Hymans Robertson and Shoosmiths advised Next plc
