Sackers advises Northern Bank Pension Scheme on its £286m buy-in

Northern Bank Pension Scheme has completed a £286m bulk annuity transaction with M&G subsidiary Prudential Assurance Company as the insurer, securing benefits for 1,917 members of the scheme.

Nick Chadha, chair of trustee and PAN Trustees partner stated: “We are delighted to have achieved a full buy-in several years ahead of expectations, demonstrating the importance of trustees having a good understanding of the de-risking markets and being agile in their approach.”

Partner Stuart O’Brien led the Sackers team on the transaction and commented: “We are proud to have had the opportunity to advise our longstanding client, the trustee of Northern Bank Pension Scheme, on this significant transaction. We drew on our extensive bulk annuity experience and worked in collaboration with all parties to achieve a successful outcome for the Northern Bank Pension scheme and its members.”