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 agre...

To continue reading this article...

Join Professional Pensions

  • 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

Join now

 

Already a Professional Pensions
member?

Login

James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

More on Risk Reduction

Lucite scheme secures £130m buy-in with Just Group

Lucite scheme secures £130m buy-in with Just Group

The full scheme buy-in deal secures the benefits of 438 uninsured members

Holly Roach
clock 11 April 2024 • 2 min read
Aviva launches streamlined bulk purchase annuity service

Aviva launches streamlined bulk purchase annuity service

Launch follows pilot scheme last year which saw more than 20 schemes transact

Jasmine Urquhart
clock 10 April 2024 • 1 min read
XPS raises concern about the PPF acting as a public consolidator

XPS raises concern about the PPF acting as a public consolidator

XPS says PPF could support viable DB schemes with insolvent sponsors to reach buyout

Jasmine Urquhart
clock 09 April 2024 • 2 min read
Trustpilot