We advised Greencore on the completion of a landmark €165 million full-scheme pension buy-out with Irish Life, securing the retirement benefits of more than 1,000 members of the Greencore Group Pension Scheme.

The transaction is one of the largest pension risk transfer transactions completed in the Irish market to date and is the first to involve the buy-out of deferred members through Irish Life’s deferred annuity product. The deal enables the full transfer of pension liabilities to Irish Life and provides long-term security for pensioners and deferred members of the Scheme.

The transaction was delivered through a collaborative process involving the Trustee of the Greencore Group Pension Scheme, Greencore as sponsoring employer, Irish Life as annuity provider and Marsh acting as lead risk transfer adviser and broker.

The Arthur Cox team was led by partner Daniel Watters and included associate Luke Haugh (both Pensions and Employee Benefits Group).

For more information on the transaction, visit Irish Life’s website.