Agfa UK Group Pension Plan completes £200m buy-in with Standard Life

The Agfa UK Group Pension Plan has completed a £200m buy-in with Standard Life, securing the benefits of 770 scheme members.

The transaction is the scheme’s second buy-in with Standard Life, following a £230m partial buy-in in 2021 covering 70 per cent of its pensioner liabilities, with the latest transaction meaning that the "vast majority" of member benefits are now secured.

Hymans Robertson acted as the lead advisers to the trustee, while legal advice was provided by Squire Patton Boggs LLP.

Commenting on the transaction, Agfa UK Group Pension Plan chair of the trustee, Tom Clark, stated: “I am delighted that we have been supported by Agfa, and our advisers Hymans Robertson and Squire Patton Boggs, to enable to us to reach a second buy-in agreement with our chosen provider Standard Life.

"The partnership with Standard Life has allowed us to make extraordinary progress in our de-risking strategy.”

Adding to this, Standard Life senior business development manager, Rhian Littlewood, highlighted the transaction as “an important milestone for the plan”, explaining that the transaction was completed within two weeks once the opportunity arose, which was “crucial to locking in long-term security for all plan members”.

"The premium payment was also structured to accommodate the timescales required to disinvest the assets, while still locking into the price opportunity," she added.

Adding to this, Hymans Robertson partner and head of risk transfer solutions, James Mullins, said: “We first started working with the plan’s trustee in 2016. At that time the plan was in a tough position with a low funding level, a high level of investment risk and with a sponsoring employer in a mature market.

"We worked with the trustee to build a comprehensive strategy to improve the position. Just over six years later, I’m delighted to have been able to help the trustee to get to a position where they have insured their members’ benefits, capturing two excellent buy-in opportunities with Standard Life along the way.”

    Share Story:

Recent Stories

Are current roads into retirement delivering member value?
Laura Blows explores HSBC Master Trust’s recent report, Converting pension pots into incomes, with HSBC Retirement Services CEO, Alison Hatcher.

Savings and finance at retirement
Laura Blows is joined by Claire Felgate, Head of Global Consultant Relations, UK, at BlackRock, to discuss savings and finance at retirement. Please click here for an edited write-up of the video

Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

Pension portfolios – the role of asset-backed securities
Laura Blows is joined by Royal London Asset Management (RLAM) head of sterling credit research, Martin Foden, and its Senior Fund Manager, Shalin Shah to discuss the role of asset-backed securities (ABS) within pension fund portfolios
Incorporating ESG into fixed income
Laura Blows is joined by TCW head of fixed income ESG, Jamie Franco, to discuss incorporating environmental, social and governance (ESG) strategies into fixed income portfolios