Hymans Robertson advises on Aegon UK Staff Retirement and Death Benefit Scheme’s £144 million buy-in with Phoenix
18 Nov 2019
The Aegon UK Staff Retirement and Death Benefit Scheme (the “Scheme”) has completed a £144 million buy-in with Phoenix. Hymans Robertson acted as lead adviser to the Scheme.
This was the Scheme’s first buy-in as part of a long term de-risking strategy, covering around a quarter of the Scheme’s pensioner liabilities.
Maurice Brunet, Chairman of the Trustee of the Aegon UK Staff Retirement and Death Benefit Scheme, said: “This is a key milestone for the Scheme being the first buy-in as part of our long-term de-risking strategy. It helps to improve long-term security for all of our members by reducing the Scheme’s exposure to future investment and longevity risks.
Hymans Robertson helped the Scheme set an appropriate de-risking strategy and ensured that we had excellent insurer engagement in a crowded bulk annuity market.”
Michael Abramson, Partner at Hymans Robertson, added: “Hymans Robertson is very pleased to have helped the Trustee achieve a great outcome for the Scheme and its members. Phoenix’s collaborative approach led to a smooth and quick implementation despite this being a record year for bulk annuity transactions.
“Demand for bulk annuities is expected to remain high in 2020 and as lead adviser on a number of this year’s notable transactions, we are well placed to help other schemes navigate a busy market.”
Justin Grainger, Head of Bulk Purchase Annuities at Phoenix Group, commented:
“We are delighted to have supported the Trustee of the Aegon UK Staff Retirement and Death Benefit Scheme. It was a pleasure to work with the Trustee and its advisors to complete a transaction quickly and smoothly despite challenging market conditions.”