All Bulk annuities articles – Page 10
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News
Aberdeen City Council Transport Fund completes first buy-in
On the go: The circa £300m Aberdeen City Council Transport Fund has secured roughly three-quarters of its liabilities through a buy-in with pensions insurer Rothesay Life.
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L&G scheme secures £400m derisking transaction
On the go: The Legal & General Group UK Senior Pension Scheme completed an assured payment policy transaction worth around £400m with the Legal & General Assurance Society in December 2020.
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Evonik schemes strike bulk annuity deal with L&G
On the go: Chemical company Evonik UK has concluded a £544m full buy-in for four of its UK pension schemes with Legal & General.
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Marie Curie scheme completes £30m buy-in
On the go: The £30.8m Marie Curie Cancer Care Pension Scheme has agreed a full-scheme bulk annuity transaction worth around £30m with Legal & General.
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Plumbing business freed of DB scheme liability
On the go: UK-based heating and plumbing distribution business Wolseley is set to be freed of its defined benefit scheme liability following its acquisition by a private investment company.
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Bulk annuities growth dependent on ‘jumbo’ deals and consolidators
On the go: While the UK bulk annuity market is expected to continue to thrive in 2021, its significant growth will depend on ‘jumbo’ deals and on the development of the consolidators’ market, according to Aon.
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Bulk annuity deals drive insurers to sustainable investments
On the go: UK life insurers could allocate up to £170bn to illiquid investments over the next decade, with a substantial portion focusing on new sustainable assets, according to Fitch Ratings.
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Maersk scheme completes £1.1bn buy-in with L&G
On the go: The Maersk Retirement Benefit Scheme has agreed to a £1.1bn buy-in with Legal & General, covering the benefits of 1,900 deferred members and 3,000 pensioners.
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Aon Retirement Plan completes £510m buy-in
On the go: The Aon Bain Hogg Pension Scheme section of the Aon Retirement Plan has completed a £510m pensioner buy-in with Scottish Widows.
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Barclays Bank agrees £5bn longevity swap
On the go: The Barclays Bank UK Retirement Fund has completed a £5bn longevity swap with Reinsurance Group of America.
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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.