On the go: The Agfa UK Group Pension Plan has completed a second annuity buy-in with Standard Life, covering the vast majority of the fund’s remaining liabilities.
The £200mn bulk purchase annuity transaction, completed in September, covers the benefits of 770 members.
It follows a £230mn partial buy-in completed in 2021, which covered 70 per cent of pensioner liabilities. It leaves the benefits of the vast majority of members of the scheme, sponsored by the analogue and digital imaging products multinational, secured with an insurer.
Agfa UK Group Pension Plan chair of the trustee Tom Clark said the deal has allowed the scheme “to make extraordinary progress in our derisking strategy”.
Hymans Robertson acted as the lead advisers to the trustee for this transaction, while legal advice was provided by Squire Patton Boggs.
Hymans Robertson partner and head of risk transfer solutions James Mullins said the consultancy started working with the pension fund in 2016, at which time it had a “low funding level, a high level of investment risk and with a sponsoring employer in a mature market”.
Over six years the adviser has worked with the trustee to build a strategy to improve this position.
This article originally appeared on MandateWire.com
