Royal Philips has completed a £2.4bn buy-in with Pension Insurance Corporation (PIC) that will enable it to wind up its scheme following earlier transactions to insure almost £1bn in benefits.
The latest deal covers approximately 26,000 of the scheme's 33,000 UK members. It follows a £484m buy-in with Rothesay Life in 2013, and two buy-ins with Prudential in 2014. The firm said the...
To continue reading this article...
Join Professional Pensions
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date
