Risk Reduction

Bulk annuity transaction insures more than 80 members and prepares scheme for buyout

Professional Pensions is holding a webinar, Pension Risk Transfer Solution: Tranches versus Big Bang, in partnership with Pension Insurance Corporation (PIC).

Global travel firm Tui has agreed two buy-ins worth a total of £794m with Legal & General (L&G) Assurance Society, insuring two sections of the Tui Group UK Pension Trust.

A Pfizer Group-sponsored defined benefit (DB) pension scheme has completed a £190m buy-in with Aviva, following a slow start to the year in bulk annuity business for the insurer.

The Allied Irish Bank (AIB) Group UK Pension Scheme has agreed a pensioner and deferred buy-in with Legal & General (L&G), converting an assured payment policy (APP).

The majority of sub-£250m schemes plan to achieve a buyout as their scheme’s endgame even if pricing opportunities are not necessarily in their favour, Mercer research finds.

Legal & General (L&G) has completed a £55m full scheme buy-in with the Chartered Insurance Institute (CII) Pension Scheme.

The ICL Group Pension Plan has entered into a £3.7bn intermediated longevity swap via a Guernsey-based captive, with Swiss Re reinsuring the risk.

The Nortel Networks UK Pension Plan has agreed a further £105m buyout with Legal & General (L&G), topping up the benefits agreed in a prior deal.

There have now been more than 30 longevity swaps over £1bn publicly announced. The full list, provided by Willis Towers Watson and through PP research, is as follows...