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Marks & Spencer seals pensioner buy-ins with Pension Insurance, Phoenix Life

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Marks & Spencer seals pensioner buy-ins with Pension Insurance, Phoenix Life

The trustee of the Marks & Spencer Pension Scheme has struck pensioner buy-in deals totaling about £1.4 billion with Pension Insurance Corp. PLC and Phoenix Life Ltd.

Pension Insurance will insure £900 million of pensioner liabilities, while Phoenix Group Holdings PLC said it has completed a £460 million bulk purchase annuity covering approximately 5,000 current pensioners.

Approximately two thirds of the £10 billion scheme's pensioner liabilities are now insured.

The trustee was advised by Lane Clark & Peacock, the lead adviser for the transaction, and Linklaters on legal matters. Pension Insurance was advised by CMS.