Next Group pension scheme completes £510m buy-in with PIC

The trustee of the 2013 Next Group Pension Plan has completed a £510m full scheme buy-in deal with Pension Insurance Cooperation (PIC), fully insuring the pension liabilities of over 3,600 pensioners and deferred policyholders.

This was the scheme's second transaction, following a £100m buy-in in 2018.

LCP acted as lead advisor to the trustee, with Herbert Smith Freehills providing transaction legal advice to the trustee.

CMS Cameron McKenna Nabarro Olswang provided legal advice to PIC, while Next plc was advised by Hymans Robertson and Shoosmiths.

“We are delighted to have reached a major milestone in providing our members with security in the payment of their pensions in retirement,” commented trustee board chair, Vicky Paramour.

“This process has demonstrated how constructive collaboration between trustee, sponsor and respective advisers can result in an excellent outcome for members."

Co-head of origination at PIC, Tristan Walker-Buckton, added: "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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