All Bulk annuities articles – Page 10
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NewsEngineering group speeds up derisking as market nears £30bn
At the tail end of what has been the second biggest year ever for derisking transactions, engineering services group Renew Holdings completed a £110m buy-in with Rothesay Life for its Lovell Pension Scheme.
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National Grid scheme completes £800m buy-in
On the go: The National Grid UK Pension Scheme has completed a buy-in transaction with Rothesay Life, worth around £800m.
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Aviva staff scheme completes £875m buy-in
On the go: The Aviva Staff Pension Scheme has completed a £875m buy-in with Aviva that covers the defined benefit pension liabilities of 2,868 members.
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GMP ruling implementation will be ‘Herculean’ task for schemes
A ruling on guaranteed minimum pension equalisation will see trustees having to revisit 30 years of pension transfers, which will be a “Herculean” task for administration teams amid missing data and poorly kept records.
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Smiths Group completes £146m buy-in with Canada Life
On the go: The engineering company has secured a £146m bulk annuity deal with Canada Life for the Smiths Industries Pension Scheme.
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BHS exec scheme next to achieve PPF-plus outcome
On the go: The defined benefit scheme for senior management at defunct retailer BHS has bought out its benefits, allowing the plan to exit the Pension Protection Fund’s assessment period.
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M&S completes two buy-ins worth £750m
On the go: Marks and Spencer has completed a £390m buy-in transaction with Aviva and a £360m similar transaction with Phoenix Group for its pension scheme, totalling around £750m in bulk annuity deals.
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Old British Steel scheme agrees £2bn buy-in
On the go: Thousands of steelworkers could receive a boost to their pensions after a £2bn buy-in was agreed — a first step towards a full buyout, taking the scheme out of the Pension Protection Fund.
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Ibstock Pension Scheme completes £340m buy-in
On the go: Ibstock has completed a £340m buy-in transaction with Just Group representing 50 per cent of total liabilities of its defined benefit pension scheme.
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2020 risk settlement market could hit £50bn
On the go: Despite the turmoil caused by coronavirus and the government’s lockdown policy, 2020 could still be a record-setting year for the risk settlement market, with final volumes reaching or even exceeding £50bn, according to estimates from Aon.
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Smiths Group completes £142m buy-in with Aviva
On the go: Smiths Group, an industrial technology company, has completed a £142m buy-in transaction with Aviva for the TI Group Pension Scheme.
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Marathon scheme completes £610m buy-in with Rothesay Life
On the go: Oil and gas production company RockRose has completed a full £610m buy-in with Rothesay Life for the Marathon Service Limited Pension and Life Assurance Scheme.
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Hitachi completes £275m buy-in with L&G
On the go: The Hitachi UK Pension Scheme has agreed a £275m buy-in transaction with Legal & General that covers the remaining deferred members and retirees, after a similar deal in 2018 with Scottish Widows.
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Small bulk annuity transactions increase 20%
On the go: The first half of 2020 saw a near 20 per cent increase in the number of bulk annuity transactions under £100m, when compared with the same period last year, according to analysis from Aon.
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Trustees must watch out for buyout tax implications
Defined benefit trustees have been urged to be on their guard against a new interpretation of tax law that could see certain members hit by unexpected tax charges on buyout.
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Siemens completes £530m buy-in with L&G
On the go: Industrial manufacturer Siemens has completed a £530m* buy-in for Siemens Benefits Scheme with Legal & General, covering more than 2,000 pensioners.
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Littlewoods scheme buys in remaining £930m with Rothesay
On the go: The Littlewoods Pensions Scheme has secured almost £1bn of its defined benefit liabilities with insurer Rothesay Life, with the plan’s pension promises now completely covered by bulk annuity contracts.
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Engineering consultant scheme on lookout for bulk annuity bargains
Trustees of the defined benefit scheme for a Yorkshire engineering consultancy’s staff are actively monitoring the bulk annuity market, after two completed transactions and improved funding levels.
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Premaberg Holdings completes £5m bulk annuity transaction
On the go: Premaberg Holdings, a manufacturer of separation and filtration systems, has completed a £5m annuity buy-in with Just Group for its Premaberg Holdings Limited Retirement Benefits Plan.
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ONS indicates master trust transfer spike as experts demand opacity
Data crunch: A massive spike in defined contribution transfers could signal frantic consolidation in the master trust sector, as experts call for clearer data from the Office for National Statistics.