On the go: The Yell Pension Plan has agreed a £370mn buy-in with Pension Insurance Corporation, covering the remaining liabilities of the defined benefit scheme.
This is the second transaction between the plan sponsored by digital marketing provider Yell and the insurer, following an initial £200mn buy-in in 2014 covering 500 pensioners.
The latest transaction has been agreed with the scheme goal of moving to buyout, covering all 1,800 plan members.
Yell Pension Plan chair of trustees John Reeve said: “Yell and the plan’s trustees worked closely together for many years to improve the plan’s funding levels, and by working with PIC we were able to act quickly to secure our members’ futures.”
PIC head of origination structuring Uzma Nazir added: “This transaction has helped the trustee complete the derisking of the plan, remove risk for the sponsoring company, and provide better security for its members in times of economic uncertainty.”
LCP acted as lead transaction adviser to the scheme trustee, which received legal advice from Allen & Overy. PIC was advised by Herbert Smith Freehills.
