Reinsurance News
Phoenix Life
Marks & Spencer’s pension scheme backed by Aviva and Phoenix Life
6th November 2020
Marks & Spencer has taken a further significant step in reducing the risks in its £11bn UK defined benefit pension scheme through two further buy-in policies with Aviva and Phoenix Life totalling £750m. Hymans Robertson has been working with Marks & Spencer on the de-risking strategy for the pension scheme, working ... Read the full article
LV= turns Swiss Re-reinsured longevity swap into £800m Phoenix Life buy-in
29th July 2020
The Trustee of the LV= Employee Pension Scheme has converted a longevity swap held with UK closed life book consolidator business ReAssure - and reinsured by Swiss Re - into a £800 million buy-in with Phoenix Life. Following the conversion to buy-in, Swiss Re will continue to cover the longevity risk ... Read the full article
Marks & Spencer completes £1.4bn pension buy-in with PIC, Phoenix Life
23rd May 2019
Marks & Spencer has secured two further pensioner buy-ins with Pension Insurance Corporation (PIC) and Phoenix Life totalling roughly £1.4 billion. The latest buy-in sees Marks & Spencer further de-risk its £10 billion defined benefits pension scheme. This £1.4 billion pension buy-in round, combined with two policies purchased in 2018, means ... Read the full article
Marks & Spencer secures £1.4bn pension scheme buy-in
17th May 2018
Following the closure of its £10 billion defined pension scheme to future accrual in 2017, Marks & Spencer has further reduced risks by completing a £1.4 billion pension liabilities buy-in with insurers Aviva and Phoenix Life. The scheme’s position has gradually improved through a close working relationships with trustees and their ... Read the full article
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