The Northern Bank Pension Scheme has signed a £286m ($350m) bulk purchase annuity (BPA) deal that sees UK insurer Prudential take on the benefits of nearly additional 2,000 members.
The latest deal sees 1.917 members of the Northern Bank Pension Scheme added to Prudential’s books, following a previous $830m deal in 2015 which covered 2,000 pensioner members and was the largest BPA in the UK that year.
The Northern Bank Pension Scheme also struck two deals worth a combined $380m with Aviva Life & Pensions UK, which covered 800 members in 2021.
WTW advised the trustee on risk settlement aspects of the deal as well as being the scheme actuary. Hymans Robertson was the trustee investment consultant.
Legal advice was provided to the trustees by law firms Sackers and Burges Salmon.
Pensions specialists CMS gave legal advice to Northern Bank and Hogan Lovells gave legal advice to M&G, Prudential’s parent.
This is the second deal in a week for the UK insurer which has been absent from the BPA sector for several years.
