Phoenix Group, Europe’s largest life and pensions consolidator, today announces that it has completed a £144 million bulk purchase annuity with the Trustee of the Aegon UK Staff Retirement and Death Benefit Scheme. The insurance policy covers around a quarter of the Scheme’s uninsured pensioner liabilities.

In the process of choosing an appropriate insurer and negotiating terms, the Aegon UK Staff Retirement and Death Benefit Scheme was advised by Hymans Robertson and Burness Paull.

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 derisking 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.”

Justin Grainger, Head of Bulk Purchase Annuities at Phoenix Group, said:

“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.

“We recognise the opportunities and growth that the BPA market provides, and will continue to offer attractive solutions to pension scheme trustees. This transaction takes Phoenix’s year-to-date bulk annuity volumes to approaching £2bn and further demonstrates our commitment to this market.”

Michael Abramson, Partner at Hymans Robertson, said:

“Hymans Robertson are 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.”

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Enquiries

Shellie Wells
Head of Corporate Communications
Phoenix Group
020 3735 0922 / 07872 414 137
shellie.wells@thephoenixgroup.com

Claire Hawkins
Head of Investor Relations
Phoenix Group
+44 (0)20 3735 0575
claire.hawkins@thephoenixgroup.com

Notes to editors

About Phoenix Group

Phoenix Group is the largest specialist consolidator of heritage life assurance funds in Europe. Its main focus has traditionally been on closed life fund consolidation where it specialises in the acquisition and management of closed life insurance and pension funds (its heritage business).

Alongside this, it has an open business which manufactures and underwrites new products and policies to support people saving for their future and when they come to retire. This open business is underpinned by a strategic partnership with Standard Life Aberdeen following the Phoenix Group’s acquisition of Standard Life Assurance Limited in 2018. Standard Life Assurance is a long-established expert in workplace pensions, personal pensions, long term savings and retirement solutions, and its customers and clients include individual savers and some of the largest employers in the UK, as well as professional advisers. Phoenix Group also has a market leading brand - SunLife - which sells a range of financial products specifically for the over 50s market.

Phoenix Group is a member of the FTSE 100 index, and has 10 million policyholders and £245 billion of assets under management. It has four operating life companies and operations in the United Kingdom, Ireland and Germany.

About Aegon

In the UK, Aegon offers retirement, workplace savings and protection solutions to over three million customers. Aegon employs around 2000 people in the UK and together with a further 800 people employed by Atos, we serve the needs of our customers. More information: aegon.co.uk

As an international life insurance, pensions and asset management group based in The Hague, Aegon has businesses in over twenty markets in the Americas, Europe and Asia. Aegon companies employ over 26,000 people and have millions of customers across the globe. Further information: aegon.com

*Figures correct as of August 2019