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

31 December 2016

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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