Hays picks insurer for £370m full buy-in
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The Hays Pension Scheme has concluded a £370m buy-in covering 853 pensioners and dependants and 3,368 deferred members.
The scheme chose Pension Insurance Corporation for the deal.
Global recruitment firm Hays Group, which sponsors the scheme, paid £13m in cash up front to enable the transaction.
Hays chief financial officer James Hilton said that after “constructive and collaborative dialogue with the scheme trustee”, the company fullfilled its “longstanding ambition to achieve full buy-in of the Hays Pension Scheme”.
Hilton said the deal will have a “materially positive impact on Group free cash flow” from the financial year 2026 onwards, supporting “investment in growth and the return of excess capital to shareholders in the medium-term".
PIC was selected on its “strong track record and excellent customer service”, said trustee chair Sean Burnard, a director at trustee firm Law Debenture.
“Being well prepared with good project management means we have secured good contractual terms with attractive pricing for our members,” Burnard said.
PIC’s head of new business strategy, Deepash Amin, said the insurer could deliver a tailored solution to the scheme because it had “a clear set of objectives” and was well prepared for a buy-in.
LCP was the lead transaction adviser, with law firm Hogan Lovells and consultancies Mercer and Hymans Robertson also providing advice.
This year, PIC has announced deals for £1.3bn with Coats Group, £1.2bn with TotalEnergies UK and £870m with De Beers among others.
The scheme chose Pension Insurance Corporation for the deal.
Global recruitment firm Hays Group, which sponsors the scheme, paid £13m in cash up front to enable the transaction.
Hays chief financial officer James Hilton said that after “constructive and collaborative dialogue with the scheme trustee”, the company fullfilled its “longstanding ambition to achieve full buy-in of the Hays Pension Scheme”.
Hilton said the deal will have a “materially positive impact on Group free cash flow” from the financial year 2026 onwards, supporting “investment in growth and the return of excess capital to shareholders in the medium-term".
PIC was selected on its “strong track record and excellent customer service”, said trustee chair Sean Burnard, a director at trustee firm Law Debenture.
“Being well prepared with good project management means we have secured good contractual terms with attractive pricing for our members,” Burnard said.
PIC’s head of new business strategy, Deepash Amin, said the insurer could deliver a tailored solution to the scheme because it had “a clear set of objectives” and was well prepared for a buy-in.
LCP was the lead transaction adviser, with law firm Hogan Lovells and consultancies Mercer and Hymans Robertson also providing advice.
This year, PIC has announced deals for £1.3bn with Coats Group, £1.2bn with TotalEnergies UK and £870m with De Beers among others.
