Risk Reduction
Aberdeen transport fund completes £230m LGPS buy-in with Rothesay
The Aberdeen City Council Transport Fund has agreed a £230m buy-in with Rothesay in the insurer’s first deal with a Local Government Pension Scheme (LGPS) fund.
L&G agrees £400m deal with own scheme
The Legal & General (L&G) Group UK Senior Pension Scheme has agreed an assured payment policy (APP) deal with its insurer sponsor.
Evonik scheme completes £544m full buy-in with L&G
The defined benefit (DB) scheme of Evonik Holdings UK has agreed a £544m full buy-in with Legal & General (L&G) Assurance Society.
Exclusive: Market volatility to spur £30bn of buy-ins and buyouts in 2021
Pension risk transfer volumes this year will look similar to those in 2020 as market volatility creates opportunities for schemes able to act fast, according to Willis Towers Watson.
Pension Schemes Bill set for final debate next week
The Pension Schemes Bill has been scheduled for ping-pong, its penultimate step before becoming law.
Marie Curie completes £30m buy-in with L&G in first 2021 deal
The Marie Curie defined benefit (DB) scheme has entered into a circa £30m full scheme buy-in agreement with Legal & General (L&G) Assurance Society.
MetLife reinsures $2bn of Legal & General pension risk
Metropolitan Tower Life Insurance Company has announced it completed four longevity reinsurance transactions with Legal & General (L&G) Assurance Society last year.
Navigating covenant and ESG in 2021 - what does the environment look like?
Michael Bushnell looks at the continuing impact of the pandemic on employer covenant and ESG risks, and how schemes can plan ahead.
Buy-in and buyout volumes to reach £30-£40bn in 2021; Superfund 'floodgate' may open
Between £30bn and £40bn of pension risk is expected to be transferred to insurers via buy-ins and buyouts this year, Aon says.
Updated: The biggest buy-ins and buyouts announced since 2007
There have now been a total of over 50 buy-in and buyout deals of over £500m announced since 2007. The full list is as follows...
Maersk agrees £1.1bn buy-in with L&G
The Maersk Retirement Benefit Scheme has agreed a £1.1bn buy-in with Legal & General (L&G) Assurance Society, protecting benefits for around 4,900 members.
BBC agrees £3bn longevity swap while Aon scheme completes £510m buy-in
The BBC Pension Scheme has completed a £3bn longevity swap deal with Zurich and Canada Life Reinsurance, covering the risk of pensioner and dependent members.
Aon agrees £510m buy-in with Scottish Widows
The Aon Retirement Plan has completed a £510m pensioner buy-in with Scottish Widows, insuring members in the Aon Bain Hogg Pension Scheme section.
BBC enters £3bn longevity swap with Zurich and Canada Life
The BBC Pension Scheme has completed a £3bn longevity swap deal with Zurich and Canada Life Reinsurance, covering the risk of pensioner and dependent members.
List: The biggest UK longevity swaps
There have now been a total of 32 longevity swaps over £1bn publicly announced. The full list, provided by Willis Towers Watson and through PP research, is as follows...
Barclays Retirement Fund completes £5bn longevity swap with Reinsurance Group of America
The Barclays Bank UK Retirement Fund has completed a £5bn longevity swap with Reinsurance Group of America (RGA).
Northern Gas Networks agrees £385m buy-in with L&G; Risk transfer market busy despite Covid and set to top £60bn in 2021
The Northern Gas Networks Pension Scheme has agreed a £385m pensioner buy-in with Legal & General (L&G).
National Grid completes £800m buy-in with Rothesay; Homestyle and Aviva agree £103m buyout
The National Grid UK Pension Scheme has completed an £800m buy-in with Rothesay, its second bulk annuity transaction with the insurer.
A third of DB benefits to be insured by middle of 2020s, says LCP
The number of defined benefit (DB) scheme members with benefits protected by an insurer will double by the middle of the decade, according to Lane Clark & Peacock (LCP).
Aviva completes £875m second buy-in with own staff scheme
Aviva Life & Pensions has concluded an £875m buy-in with its own staff pension scheme, following on from a similar transaction last year.
Just Group agrees £74m buy-in with engineering scheme
Just Group has completed a £74m pensioner buy-in with the UK pension scheme of a US-listed engineering business.
Smiths Group completes £146m buy-in with Canada Life
The Smiths Industries Pension Scheme has secured a £146m buy-in with Canada Life in its fourth bulk annuity and its sponsor’s tenth overall.
Prudential agrees £3.7bn longevity swap with Pacific Life
The Prudential Staff Pension Scheme has entered into a £3.7bn longevity swap with Pacific Life Re, insuring the longevity risk of over 20,000 pensioners.
Baker Hughes agrees £100m buy-in with Just
The Baker Hughes (UK) Pension Plan has secured approximately £100m of liabilities through a buy-in with Just Group.
