On the go: The Agfa UK Group Pension Plan has completed a £230m annuity buy-in transaction with Phoenix Group, covering 70 per cent of its pensioner liabilities.
This is the first bulk annuity transaction of the analogue and digital imaging products multinational’s UK defined benefit scheme, a statement read. The sponsor provided additional funding support to facilitate the pensioner buy-in.
Hymans Robertson advised the trustee on the transaction.
Tom Clark, chair of the trustee of the Agfa UK Group Pension Plan, said: “I am delighted that we have been supported by Agfa, and our advisers Hymans, to enable us to reach a buy-in agreement with our chosen provider Phoenix Life.
“The partnership with Phoenix allows us to take the next step in our derisking strategy.”
James Mullins, partner and head of risk transfer solutions at Hymans Robertson, who has been advising the scheme for the past five years, noted that the scheme has had “an excellent improvement” in its funding level during the period, which led to the buy-in transaction.
“The plan is now in a solid financial position and we look forward to helping the trustee to complete their endgame journey,” he added.
This article originally appeared on MandateWire.com
