Pensions team advises client on £1.2 billion bulk annuity transaction with Phoenix Life

31 December 2016

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The transaction was completed in December 2016 and was the largest bulk purchase annuity of the year. The deal is the first time a longevity swap has been unwound and converted into a bulk annuity.

Partner Paul Feathers led the Pensions team on this complex transaction, which included bespoke annuity terms and robust all risks cover which, combined with a new collateral structure to back the annuity, provides significant protection for the Scheme.

The transaction forms a part of a wider framework to further de-risk the Scheme and ensure the safety of the members' benefits.


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