More defined benefit news – Page 9
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NewsBulk annuities latest: M&G, L&G and Just seal full scheme buy-ins
Three transactions range from a £111m buy-in for an unnamed asset manager’s scheme to a sub-£4m deal for ME Group International’s pension fund.
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NewsArcadia secures scheme merger ahead of wind-up
A High Court ruling has approved the merger of collapsed retailer Arcadia’s two pension schemes, citing a “moral obligation” to put them on an equal footing.
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NewsCentrica reduces DB scheme contributions as deficit narrows
Centrica will pay around £30m a year less into its defined benefit pension schemes as a result of a significant reduction in the overall deficit.
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NewsHow trustee boards are tackling the fallout from the Virgin-NTL case
The ICAEW reports three different approaches being taken by trustee boards when reviewing past scheme amendments in relation to last year’s Virgin-NTL ruling.
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NewsUSS rules out bid for healthcare property developer Assura
The £77.9bn pension scheme has opted not to pursue a bid for healthcare property investor Assura that it had previously submitted with KKR.
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Bulk annuities latest: Utmost to overhaul IT infrastructure
Plus, buy-in deals sealed by Standard Life and Legal & General worth a combined £620m.
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NewsUK pension market growth slowest among largest peers
New research shows a drop in UK pension assets as a proportion of the largest pension markets in the world.
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NewsCompetition for small scheme bulk annuity deals increasing, data shows
Plus: Royal London lands buy-in deals with Lufthansa schemes and PIC insures financial regulator’s pension plan.
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NewsDWP to consider changes to PPF levy [updated]
The next PPF levy bill could be smaller or even zero, after the DWP agreed to consider changes to the levy rules.
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NewsGovernment to announce DB surplus extraction rules in the spring
The government has confirmed plans to relax rules around defined benefit pension scheme surpluses, paving the way for excess funds to be paid out to members or employers.
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NewsL&G insures Sanofi pension fund for £1.4bn
The deal insures the benefits of 4,900 retirees and 5,600 deferred members, and follows a £760m buy-in completed in 2021.
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NewsChancellor expected to loosen rules on DB surpluses [updated]
Long-awaited changes to defined benefit scheme surplus rules will be announced this week.
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News2024 was record year for bulk annuities, data shows
Preliminary data on bulk annuity transactions shows that approximately £52bn worth of deals were completed last year – a new record.
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NewsRoyal London insures Rockwool scheme through £53m buy-in
Royal London has insured the defined benefit pension scheme for insulation manufacturer Rockwool through a £53m buy-in.
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NewsPension Insurance Corporation secures lighting firm’s scheme for £24m
Pension Insurance Corporation (PIC) has concluded a £24m full-scheme buy-in with the Holophane Retirement Benefits Scheme, sponsored by lighting firm Holophane Europe.
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NewsDB pension schemes finish 2024 with £226bn surplus
Defined benefit (DB) pension schemes’ aggregate surplus position declined in December as volatility hit equity and bond markets.
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NewsPRA warns of ‘systemic risk’ building up in bulk annuity market
The regulator for insurers and banks has warned of “systemic risk” within the bulk annuity market as insurers compete for DB pension schemes’ business.
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NewsCompass takes a bite out of DB risk with £1.5bn buy-in
Food services company Compass Group has secured the “majority” of its DB scheme’s membership through a £1.5bn bulk annuity deal with Standard Life.
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NewsUtmost hires former Rothesay CFO to lead bulk annuity market push
Utmost Life and Pensions, one of the newest entrants to the UK bulk annuity market, has appointed former Rothesay Life chief financial officer Andrew Stoker as chief executive.
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NewsFootwear company completes £540m buy-in with PIC
Pension Insurance Corporation (PIC) has insured two sections of the C&J Clark Pension Fund, sponsored by footwear retailer Clarks.