Danske Bank DB scheme secures €335m buy-in from Irish Life
Written by Theo Andrew
Danske Bank’s Irish defined benefit pension scheme has secured a €335m buy-in, arranged by Irish Life Assurance.
The bulk annuity was taken out by the trustee of Danske Bank Pension Scheme and will be held in the scheme's wider investment portfolio, in what is seen as a significant de-risking step for the scheme.
According to Danske Bank, the buy-in is the result of work over the past 18 months in order to provide “even greater security” to its members.
Irish Life Corporate Business managing director, Tony Lawless, said: “This is another example of how Irish Life, through our knowledge of and expertise in the challenges currently being faced by Irish pension schemes, can provide unique de-risking solutions to clients as they manage their way through their pension lifecycles.”
Commenting Mercer partner John O’Brien, who advised the on the solution, said: “This ground-breaking transaction represents a significant step forward for the Irish defined benefit market. It sets a precedent for using insurance solutions strategically as part of the ongoing risk management toolkit of well-funded schemes, rather than just those facing wind up.”