Next Group Pension Plan has concluded a full scheme buy-in deal with Pension Insurance Corporation (PIC) for £510m (€594m).

This is the plan’s second buy-in following a £100m transaction in 2018 with Just Retirement and means that pension liabilities for over 3,600 pensioners and deferred policyholders have now been fully insured.

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

Vicky Paramour, chair of the trustee board and managing director of Law Debenture, said the deal was a “major milestone” in securing the plan’s members with security in the payment of their pensions in retirement.

She added that the 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.”

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