Business

Phoenix Group secures £230m bulk annuity deal with Agfa UK

The buy-in represents the plan’s inaugural transaction, and covers 70% of its pensioner liabilities

Phoenix Group, the long-term savings and retirement firm, has announced the completion of a £230m bulk annuity deal with the trustee of the Agfa UK group pension plan.

The buy-in represents the plan’s inaugural transaction, and covers 70% of its pensioner liabilities. 

Through the trustee’s long-term de-risking strategy, additional funding was provided to facilitate a pensioner buy-in, in turn increasing the security of all members’ benefits.

Tom Clark, chair of the trustee at the Agfa UK group pension plan, said: “I am delighted that we have been supported by Agfa, and our advisers Hymans, to enable to [sic] 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 de-risking strategy.”

The deal represented a continuation of Phoenix’s intentions to become a market leading BPA franchise, with a focus on value over volume.

Rhian Littlewood, senior bulk purchase annuities business development manager at the group, said: “We are delighted to have worked with the trustee to help them achieve their goal of de-risking their pension scheme. 

“Supporting clients is at the heart of our approach, and we knew that completing the transaction quickly was a key priority for the trustee and Agfa.”

She added: “Our BPA business is underpinned by our sustainability agenda and is aligned to our commitment to use our investments to help build back better and greener and to have a positive impact on society and the real economy. 

“The growth of our BPA business allows us to continue to invest into vital UK infrastructure and social projects.”

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