Northern Bank Pension Scheme, Belfast, Northern Ireland, completed two pension buy-in transactions with Aviva to insure a total of £257 million ($348 million) in pension liabilities, according to a news release Monday from Lane Clark & Peacock, which advised on the transaction.
The first transaction insuring £227 million was completed in September and the second, completed in December, insured about £30 million in pension liabilities.
According to a member report posted on the pension fund's website, the September transaction primarily insured the pension liabilities of participants who had retired between 2015 and 2020, and the second transaction affected participants who had retired since August 2020.
The pension fund had previously completed a £680 million buy-in with Prudential in 2015 that covered the liabilities of about 2,000 retirees.
As of Oct. 31, the Northern Bank Pension Scheme had £1.5 billion in assets, according to the member report.
Officials at Danske Bank, Northern Bank's parent company, could not be immediately reached for further information.
