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Press release

LCP advises trustee on £510 m buy-in of Next Group 2013 Pension Plan by PIC

Pensions & benefits Pension risk transfer Risk

Pension Insurance Corporation plc (“PIC”), a specialist insurer of defined benefit pension funds, has concluded a full scheme buy-in with the Trustee of the 2013 Next Group Pension Plan (“the Plan”) for £510 million. This is the Plan’s second buy-in following a £100m transaction, in 2018.

The Trustee was advised on all aspects of the buy-in with PIC by LCP.

The pension liabilities for over 3,600 pensioners and deferred policyholders have now been fully insured.

Vicky Paramour, Chair of the Trustee Board and Managing Director of Law Debenture, said: “We are delighted to have reached a major milestone in providing our members with security in the payment of their pensions in retirement. I would like to thank PIC, our in-house pension team and LCP and HSF for their hard work and nimble approach in getting the transaction done. This 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.”

Transaction legal advice was provided to the Trustee by Herbert Smith Freehills. Hymans Robertson and Shoosmiths advised Next plc and CMS Cameron McKenna Nabarro Olswang provided legal advice to PIC.

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