Hymans Robertson advises on Aegon UK Staff Retirement and Death Benefit Scheme’s £144 million buy-in with Phoenix

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.”