Sackers advises the AIB Group UK Pension Scheme on £61m buy-in with L&G
L&G announces that it has agreed a £61m transaction with the AIB Group UK Pension Scheme to convert a tranche of its existing Assured Payment Policy (APP) into a buy-in policy.
Covering both deferred members and new retirees, the transaction marks the first time an APP has been partially converted into a new buy-in policy. The conversion builds upon the original £250m APP transaction with the AIB Group scheme in 2019. The original transaction and announced conversion, helps the AIB scheme on its journey to full risk removal within planned timeframes.
Ian Cormican, Partner says: “We are delighted to have advised the Trustee on this innovative solution, to assist with the scheme’s derisking journey. It is a great result for the Trustee and scheme members.””
Norbert Bannon, Chairman of the Trustee, AIB Group UK Pension Scheme: “The Trustee welcomes the completion of the first annual conversion of the APP. This transaction represents further substantial progress in derisking the scheme and improving the security of members benefits. I would like to thank our advisers for their constructive input and advice throughout this process.”