Pension Insurance Corporation Finalizes Full £370 Million Buy-In of Yell Pension Plan

Posted on 09/21/2022

Pension Insurance Corporation plc (PIC), an insurer of defined benefit pension funds, has concluded a full scheme buy-in with the Trustee of the Yell Pension Plan. The latest buy-in, the second between PIC and the Trustee, covers the £370 million of remaining liabilities of the Plan, and the pensions of all Plan members are now secured. The transaction takes total plan liabilities covered by PIC to £570 million.

PIC secured an initial £200 million buy-in with the Plan in 2014, insuring 500 pensioners. This latest transaction has been agreed in expectation of the full plan moving to buyout when all 1,800 plan members will become PIC policyholders.

Yell, also known as Yell UK, is a provider of digital marketing solutions based in the United Kingdom.

Lane, Clark and Peacock LLP (‘LCP’) was the lead transaction adviser to the Trustee of the Yell Pension Plan and Allen & Overy (‘A&O’) provided legal advice. PIC was advised by Herbert Smith Freehills.

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