The Agfa UK Group Pension Plan has withdrawn £ 230m (€ 270m) of pension liabilities through a buy-in provided by the Phoenix Group. Allegedly the first such transaction of the plan, the collective pension covers 70% of the pension liabilities and was facilitated by additional funds from the company. James Mullins, partner and head of Risk Transfer Solutions at Hymans Robertson, said the pension fund’s funding status had “improved tremendously” over the past five years, leading to the transaction. “The plan is now in solid financial position and we look forward to helping the trustee complete his journey in the final,” he added. Hymans Robertson was the lead adviser to the trustee on the transaction. Tom Clark, Chairman of the Trustee, said, “I am delighted that we have been supported by Agfa and our consultants Hymans in reaching a buy-in agreement with our selected provider, Phoenix Life. “The partnership with Phoenix enables us to take the next step in our de-risking strategy.” Rhian Littlewood, senior business development manager for annuity for the Phoenix Group, said the speedy closing of the deal would benefit the trustee and Agfa is one of the top priorities. “Our agile and pragmatic response meant we were able to complete a transaction in days,” he said. In addition, Phoenix has entered into an agreement to sell Ark Life Assurance Company to Irish Life Group Limited for € 230 million, subject to customary regulatory approval. Ark Life – which Phoenix acquired in 2020 as part of Swiss Re’s acquisition of ReAssure Group plc – is a closed-ended book that manages inheritance savings and protection products in Ireland. To read the digital edition of the latest IPE magazine, click here.
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