Premaberg Holdings completes £5 million bulk annuity transaction

Premaberg Holdings completes £5 million bulk annuity transaction

UK manufacturer Premaberg has completed a £5 million bulk annuity buy-in of Premaberg Holdings Retirement Benefits Plan with Just Group.

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The deal, which was completed in conjunction with Mercer, is the first step to securing the defined benefit (DB) pension retirement funds of the 64 members that will be affected by this transaction.

Jo Richardson, chair of trustees at Premaberg, said: “We’re delighted to have secured our members’ DB pensions through this bulk annuity transaction. The ability to regularly monitor actual insurer pricing was invaluable, allowing us to quickly take advantage of improved market pricing earlier this year and transact firmly within our price trigger.”