On the go: The £2.9bn Pearl Group Staff Pension Scheme, one of Phoenix Group’s main pension schemes, has completed a second £998m buy-in with the group’s life assurance company, Phoenix Life.
As reported by Pensions Expert’s sister title MandateWire in March, the scheme entered into a commitment agreement with its principal employer, Pearl Group Holdings No 2, to complete a series of buy-ins scheduled to be executed by December 31 2023.
The scheme has now completed its second buy-in, which is worth £998m and covers around 35 per cent of the scheme’s pensioner and deferred member liabilities. The transaction was completed on July 22 2021, Phoenix Group’s interim results reveal.
The first buy-in was worth £731m and was completed in November 2020.
The manager roster comprises Legal & General Investment Management for corporate bonds, liability-hedging portfolio and hedge funds, DTZ Investment Management for UK property, Macquarie Group for infrastructure debt, DIF Capital Partners for infrastructure equity, and Phoenix Life for annuities.
This article originally appeared on MandateWire.com
