LCP: Yorkshire Building Society Pension Scheme secures £245m buy-in with PIC

5 February 2019

Pascal Hogenboom

LCP publishes on its website:

“The Trustees of the Yorkshire Building Society Pension Scheme has purchased a £245m pensioner buy-in policy with Pension Insurance Corporation, a PRA-regulated life insurer. The insurance policy covers around a half of the Scheme’s pensioner liabilities at November 2018.

LCP led the advice to the Trustee in preparing for the transaction and negotiating the price and terms of the buy-in. DLA Piper provided legal advice to the Trustee in preparing for and executing the transactions

The Scheme’s strong funding position has allowed the Trustee, working in collaboration with its sponsoring employer, the Yorkshire Building Society to steadily de-risk its overall investment strategy into assets and hedging instruments that more closely match the pension payments due to its members. The purchase of a buy-in has allowed the Scheme to match benefit cash flows and remove longevity risk for a portion of the pensioner population within the security of regulated insurance policies, all at an attractive price.”

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