Phoenix agrees £1bn buy-in with its own scheme

Dearth of deals in bulk annuity market allow scheme to accelerate its timeline

James Phillips
clock • 1 min read
Phoenix agrees £1bn buy-in with its own scheme

Phoenix has completed a £998m buy-in with one of its own defined benefit (DB) schemes following a slow start to 2021 for the bulk annuity market.

The insurer closed the pension risk transfer deal with the Pearl Group Staff Pension Scheme on 22 July, covering around 35% of pensioner and deferred liabilities. The transaction follows an agreement...

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