Bulk Annuities

Pension schemes are considering whether to exchange gilt holdings for buy-in insurance policies as yields fall to record lows, Hymans Robertson says.

Rolls-Royce and the trustees of its pension fund have agreed a longevity swap to cover around £3bn of liabilities.

Deficits are creating a drag on scheme investment returns of about 1.2% of liabilities a year, Pension Insurance Corporation research shows.

Goldman Sachs has bought Paternoster for £260m but will not immediately combine the firm with its Rothesay Life subsidiary.

Swiss Re has transferred $50m (£32m) of longevity trend risk to the capital markets through a securitisation with Kortis Capital.

Rothesay Life has bought a majority holding in Paternoster following a four-month sale process.

One of British Airways' two pension schemes has insured £1.3bn of pensioner liabilities in a buy-in deal with Rothesay Life.

Almost two-thirds (64%) of trustees say the economic events of the past 18 months have meant that pension de-risking has become a greater priority, MetLife Assurance research reveals.

Aggregate Industries has announced its two largest pension schemes have entered into insurance transactions to transfer risk to Pension Insurance Corporation.

Matthew Craig looks at the stages trustees must go through to deal with scheme liabilities, and the factors they should consider before opting for a buy-in or buyout