M&S completes buy-ins totalling £1.4bn with Aviva and Phoenix Group
The Marks and Spencer (M&S) Pension Scheme has insured around 15% of its pensioner liabilities through two bulk annuity insurance policies with Aviva and Phoenix Group.
The transactions, totalling £1.4bn, are comprised of Aviva's largest buy-in to date and Phoenix Group's first ever external buy-in. Aviva insured £925m worth of the defined benefit (DB) scheme's liabilities....
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