Risk watch: A roundup up of the latest derisking transactions, including the Kingfisher scheme’s £900m buy-in with Aviva and the Londis scheme winding up after a bulk annuity transaction.
Kingfisher Pension Scheme secures £900m buy-in with Aviva
The £3.6bn Kingfisher Pension Scheme has completed a £900m bulk annuity transaction with Aviva Group, insuring the pension liabilities of more than 8,000 members. This is the third bulk annuity purchase for the scheme, as it completed a £230m buy-in with Legal & General in 2016 and a £200m buy-in with Pension Insurance Corporation in 2018. The process to select an insurer and negotiate terms was led by Aon. The trustee received actuarial advice from Hymans Robertson and legal advice from Eversheds Sutherland, while Aviva was advised by DLA Piper.
This article originally appeared on MandateWire.com
Londis Pension Scheme winds up after buy-in
The Londis Pension Scheme is being wound up following a buy-in with Legal & General Assurance Society. The scheme sponsor Booker confirmed to Pensions Expert’s sister title MandateWire that after this transaction, which occurred in 2021, the scheme is now winding up. Booker also stated that the change affects less than 60 members. According to the scheme’s statement of investment principles, prior to the buy-in, Mercer acted as both adviser and investment manager.
This article originally appeared on MandateWire.com
