Phoenix Group, the UK’s largest long-term savings and retirement business, today announces that it has completed a £230 million bulk purchase annuity transaction with the Trustee of the Agfa UK Group Pension Plan.

This buy-in is the Plan’s first transaction, covering 70% of its pensioner liabilities. As part of the Trustee’s long term de-risking strategy, the Company provided additional funding support which facilitated a pensioner buy-in, increasing the long-term security of all members’ benefits.

This latest transaction is in line with Phoenix’s ambition to become a market leading BPA franchise, with a continued focus on value not volume.

Lead advisers to the Trustee for this transaction were Hymans Robertson.

Commenting, Rhian Littlewood, Senior Bulk Purchase Annuities Business Development Manager, Phoenix 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. Our agile and pragmatic response ensured that we were able to deliver a transaction within days.

“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.”

James Mullins, Partner and Head of Risk Transfer Solutions, Hymans Robertson, said:

“It’s been a pleasure to advise the Agfa Trustee on their endgame strategy over the last five years. This period has seen an excellent improvement in the Plan’s funding level, which led to this excellent buy-in transaction with Phoenix. The Plan is now in a solid financial position and we look forward to helping the Trustee to complete their endgame journey.”

Tom Clark, The Chair of the Trustee, Agfa UK Group Pension Plan, added:

“I am delighted that we have been supported by Agfa, and our advisers Hymans, to enable to 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.”