- Largest ever full buyout, all risks and simultaneous reinsurance of longevity risk
- Covers the benefits of around 26,000 members
- The transaction incorporated an “all risks” structure, in that PIC assumes all risks, including future data corrections, on signing of the contract
- A key feature of the transaction is simultaneous reinsurance of the longevity risk by PIC with Hannover Re, including an unprecedented level of non-retired members
"This has been a complex transaction given the size and history of the Fund. I want to thank…PIC for their hard work and flexibility in securing these pension liabilities for the long-term."
David Jordan, Chairman of Trustees, Philips Pension Fund