All Bulk annuities articles – Page 15
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News
GMP ruling could see £50bn of buy-ins restructured
On the go: Insurers are set to be deluged with a flood of requests to restructure buy-in contracts as a result of the High Court decision in the Lloyds Banking case, which held that guaranteed minimum pensions must be equal for men and women.
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News
DB health improves but covenant strength ignored
Defined benefit pension schemes are not paying enough attention to the likelihood of their employer going bust when setting investment strategy, according to a new study assessing funding levels in the context of sponsor health.
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FeaturesNortel's £2.4bn buyout pricing beats offers from superfund
When Canadian telecoms company Nortel filed for bankruptcy in 2009, prospects for its defined benefit pension scheme members looked bleak.
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News
More than 40 schemes in talks with Clara
Commercial consolidator Clara Pensions has entered into talks with more than 40 defined benefit pension schemes regarding potential transfers into the superfund, management has revealed.
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Features
Trustees pour cold water on wild consolidator claims
The Edi Truell-backed Pension SuperFund has been no stranger to controversy in its short lifespan.
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NewsCNPP micro section well poised for scheme buyout
The GPS EnergySolutions section of the Combined Nuclear Pension Plan is set to wind up, following months of buyout preparation with the trustees and employer.
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OpinionRegulation must adapt to protect members in consolidation deals
Darren Redmayne from Lincoln Pensions outlines the regulatory and guidance framework that could help facilitate safe transfers to commercial consolidators, and the steps defined benefit trustees might take in the interim.
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News
Bulk annuity volumes break H1 record
On the go: UK pension schemes entered into a record £7.8bn of buy-ins and buyouts in the first half of 2018, as large 'back book' transfers between insurers failed to disrupt the market's capacity.
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OpinionA checklist for top bulk annuity pricing
From the blog: 2018 is predicted to see an unprecedented volume of pension schemes seeking to derisk using buy-ins or buyouts. Given the finite resources of providers, pension schemes should expect a level of selection in what insurers will focus on – not all providers will necessarily quote on every transaction that comes to market.
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OpinionAre consolidation vehicles the future for DB schemes?
Companies offering a cheaper alternative to buyout have unions and others concerned about letting defined benefit employers off the hook via regulatory arbitrage, writes CMS’s Caroline Kurup, but consolidators remain attractive where insurance remains the end point for scheme liabilities.
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OpinionInsurance longevity swaps: Illuminating exits
2018 is expected to be a buoyant year for the longevity risk transfer market, with the recent decline in national mortality improvements not only having a positive impact on pension scheme funding, but also being reflected in more attractive longevity reinsurance pricing.
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News
PPF chief hints at closing superfunds’ regulatory advantage
Consolidation vehicles hoping to hoover up assets from deficit-weary employers could see their prices forced upwards by tough levy requirements and insurance-style protections, the chief executive of the Pension Protection Fund has said.
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News
Choosing the right derisking path
Analysis: Consultants say bulk annuity pricing has never been so attractive, yet the majority of pension schemes see self-sufficiency as their likely destiny. Who is wrong?
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News
Post Office workers’ scheme agrees £450m buy-in
The Royal Mail Pension Plan has agreed a £450m bulk annuity transaction to insure the liabilities of its Post Office Limited section.
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News
WPP buys in £140m across five schemes
Communications services giant WPP has insured £140m of defined benefit liabilities with the Pension Insurance Corporation.
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OpinionSelf-sufficiency is not a permanent solution
Think you can outperform the insurers? It might be possible for schemes with deferred members, says JLT Employee Benefits’ Harry Harper, but employers will be keen to show pensioner liabilities the door.
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News
Bulk annuity transfers to pass £15bn in 2018
2018 will be the first year in which buyouts and buy-ins for UK defined benefit schemes exceed £15bn, consultancy LCP has predicted, with improved funding levels and keen insurer pricing helping to establish a “new normal” in the bulk annuity market.
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OpinionBuy-ins and buyouts: The quiet revolution
From the blog: We reached a new milestone in late 2016: the pensions of more than 1m people in the UK are now insured through a buy-in or buyout.
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News
Share prices hit by DB deficits could spur fresh derisking drive
Defined benefit pension deficits are dragging down the market capitalisations of FTSE 100 companies, according to a recent study, as investors recognise the difference between disclosed deficits and the cost of securing benefits upon insolvency.
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FeaturesPirelli announces £600m longevity swaps as deal flow set to accelerate
Italian tyre manufacturer Pirelli’s two main UK pension schemes have agreed longevity swaps covering £600m of pensioner liabilities, as researchers have suggested market volatility and insurer competition mean schemes could see attractive prices emerge on risk settlement products.