PIC completes full scheme buy-in of the 2013 Next Group Pension Plan for £510 million

PIC, a specialist insurer of defined benefit pension funds, has concluded a full scheme buy-in with the Trustee of the 2013 Next Group Pension Plan (“the Plan”) for £510 million. This is the Plan’s second buy-in following a £100m transaction, in 2018. The pension liabilities for over 3,600 pensioners and deferred policyholders have now been fully insured.

Vicky Paramour, Chair of the Trustee Board and Managing Director of 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. I would like to thank PIC, our in-house pension team and LCP and HSF for their hard work and nimble approach in getting the transaction done. This process has demonstrated how constructive collaboration between Trustee, sponsor and respective advisers can result in an excellent outcome for members.”

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 de-risk the Plan, providing security to their members for the long-term.”

The Trustee was advised on all aspects of the buy-in with PIC by LCP. Transaction legal advice was provided to the Trustee by Herbert Smith Freehills. Hymans Robertson and Shoosmiths advised Next plc and CMS Cameron McKenna Nabarro Olswang provided legal advice to PIC.  

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For further information please contact:       

Pension Insurance Corporation                 
Clive Booth    
+44 (0)7780 599247
boothc@pensioncorporation.com

Apella Advisors                                            
Arne Wyse     
+44(0)7818 497469                   
PIC@apellaadvisors.com

About PIC
The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At half year 2023, PIC had insured 339,900 pension scheme members and had £44.9 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. PIC has made total pension payments of almost £12 billion to its policyholders. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com