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.”
Latest News
-
French PM survives vote of no confidence as pension dispute continues
-
Social partners present reform package for ‘future-proof’ Austrian pension system
-
Dutch funding ratios improve amid market developments and interest rate shifts
-
Almost half of Swedish households’ financial assets invested in pensions
-
Work towards Dutch pension transition continues
-
BVV reveals ‘positive’ annual results; announces board reshuffle
Podcast: Stepping up to the challenge
In the latest European Pensions podcast, Natalie Tuck talks to PensionsEurope chair, Jerry Moriarty, about his new role and the European pension policy agenda
Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.
In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.
In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.
Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories