Next completes £510m buy-in
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The trustees of the 2013 Next Group Pension Plan have completed a full scheme buy-in for £510m, covering more than 3,600 pensioners and deferred members.
The deal with Pension Insurance Corporation follows a first transaction over £100m in 2018.
Chair of the trustee board Vicky Paramour, who is also managing director of professional trustee firm Law Debenture, said: “We are delighted to have reached a major milestone in providing our members with security in the payment of their pensions in retirement.”
Tristan Walker-Buckton, co-head of origination at PIC, said: “PIC is really pleased to have had the opportunity to work with the trustees of the 2013 Next Group Pension Plan to significantly derisk the Plan, providing security to their members for the long term.”
The trustee was advised on the buy-in by consultancy LCP and took legal advice from law firm Herbert Smith Freehills. Hymans Robertson and Shoosmiths advised Next plc, while CMS provided legal advice to PIC.
