Irish Life completes Ireland's first full-scheme pension buy-out in €165 million transaction with the Greencore Group Pension Scheme

Dublin, 14 September 2026 – Irish Life has completed a €165 million full-scheme buy-out with the Greencore Group Pension Scheme, securing the retirement benefits of over 1,000 members.

Irish Life's deferred annuity solution, currently the only deferred annuity product of its kind available in the Irish market, made the transaction possible by closely mirroring the benefits promised to members who have left service but not yet retired, including revaluation of benefits up to retirement age, increases to pensions in payment, and dependants' pensions. Until now, the absence of such a product meant Irish schemes could typically insure only pensions already in payment, leaving trustees unable to provide for the promises made to all their members.

The deal was constructed on a staged basis, beginning with a partial buy-in in November 2022 before converting to a full buy-out. It was delivered as a joint effort between the Trustee, Greencore as sponsoring employer, and Irish Life, with Marsh acting as lead risk transfer adviser and broker. A&L Goodbody provided legal advice to the Trustee and Arthur Cox advised Greencore. Irish Life Investment Managers worked with all parties throughout to ensure a seamless transition, keeping the Scheme fully protected during the execution period.

Under the buy-out, each member will receive an individual annuity policy in their own name with Irish Life, and responsibility for paying their benefits transfers permanently to Irish Life. The Scheme is expected to fully wind up before the end of 2026.

There are approximately 450 defined benefit schemes remaining in Ireland, with aggregate assets of approximately €65 billion, according to the Pensions Authority. With funding positions across the sector materially improved by higher interest rates and strong asset performance many trustee boards are now actively exploring how to fulfil, permanently, the promise of an income for life in retirement. Irish Life expects this transaction to be the first of many, mirroring the development of the UK bulk annuity market, where more than £30 billion of pension scheme liabilities are now insured each year.

Shane Prendergast, Head of Retirement Propositions at Irish Life, said:

“This is a landmark moment for Irish pensions. For the first time, the Trustee of an Irish defined benefit scheme have been able to fully secure their members' benefits with an insurance company, something that simply was not possible in this market before now. Defined benefit schemes make a promise of an income for life, and this transaction demonstrates how deferred annuities can be used to honour that promise and place it beyond doubt.

“I am delighted that the Trustee of the Greencore Group Pension Scheme selected Irish Life as the Scheme's pensions de-risking partner, and I thank them for the confidence they have placed in the strength and expertise of Irish Life to deliver a gold-standard experience for their members. We invested in building this capability because we believe Irish members deserve the same security that has been available to scheme members in the UK for many years, and we expect the Greencore transaction to be the first of many. I want to thank the Trustee, Greencore and their advisers for their partnership and shared ambition in completing this transaction.”

Christopher Delaney, Head of Risk Transfer at Marsh Investments and Retirement, Ireland, and lead
risk transfer adviser on the transaction, said: 

“This transaction represents a significant development for the Irish pension risk transfer market, covering both pensioner and deferred member benefits. We are pleased to have acted as lead risk transfer adviser and broker, supporting the Trustee in assessing the market and structuring a solution aligned with the Scheme’s objectives. The introduction of a deferred annuity product gives pension scheme trustees and corporate sponsors an additional route to secure members’ benefits as they consider DB destination and endgame planning."

Allan Whalley, Chair of the Trustee of the Greencore Group Pension Scheme, said: 

“This transaction represents a major achievement for the Scheme by providing the long-term security of members’ benefits, including for deferred members. The Trustee board focused on securing a transaction that delivered strong member outcomes while maintaining flexibility and certainty throughout the process. We are grateful for the collaborative and solutions-focused approach demonstrated by all parties involved."

David Kearney, Director of Corporate & Business Development at Greencore Group plc, said: 

“The completion of this transaction marks a significant milestone in Greencore’s pension strategy and materially reduces pension risk for the business while providing long term security to our pensioners and deferred members of the Scheme. We are pleased to have worked closely with the Trustee and advisers to deliver a transaction of this scale and complexity.”

Notes to editors

Irish Life has completed a €165 million full-scheme buy-out with the Greencore Pension Scheme, covering over 1,000 members including over 900 pensioners in receipt of pensions. The transaction was completed on a staged basis, beginning with a buy-in in November 2022 and converting to buyout in July 2026. The Scheme is expected to wind up by the end of 2026.

A buy-out is an insurance transaction in which a defined benefit pension scheme transfers responsibility for all its members' benefits to a regulated life insurance company. Members receive individual policies in their own name, and their benefits become the direct, permanent obligation of the insurer rather than depending on the scheme's funding position and the ongoing support of the sponsoring employer.

A deferred annuity is an insurance policy that mirrors the pension promised to a member who has left employment but not yet retired. It provides for the member's benefit to be revalued up to their retirement age in line with the scheme's rules and then paid for life from retirement, including dependants' benefits and the member's options at retirement. 

References to Irish Life in this release refer to Irish Life Assurance plc.

About Irish Life

Irish Life is one of Ireland's leading financial services groups, now taking care of over 1.6 million
customers. We help people to improve their financial, physical and mental wellbeing, helping to build
better lives today and better futures.

We are part of the Great-West group of companies, one of the world's leading life assurance
organisations. Great-West and its subsidiaries have total client assets of CAD$3.3 trillion and are
members of the Power Financial Corporation group of companies.

Irish Life delivers innovative solutions for personal and corporate customers, backed by the highest
standards of service. And as part of Great-West, we have access to experience and expertise on a
global scale, so we can continuously enhance our leading range of services and solutions.

For further information, please contact
Joe Corcoran, PR Manager, Irish Life
joe.corcoran@irishlife.ie
083 860 7990