Risk Reduction
Number of small scheme bulk annuities falls 30% in five years
There has been a 30% reduction in the number of small scheme buy-in and buyout transactions, highlighting how insurer attention has shifted towards larger deals.
Aviva completes £1.7bn buy-in with its staff pension scheme
Aviva Life and Pensions UK has completed a £1.7bn bulk annuity buy-in with the Aviva Staff Pension Scheme.
Clara: 'Shadow market' is huge for DB consolidation
Many schemes are actively thinking about defined benefit (DB) consolidation and are waiting in the wings for the superfunds to prove themselves before engaging, Clara says.
Tumbling bulk annuity records should ring alarm bells for small schemes
Mega-deals have dominated the buy-in and buyout market this year, limiting insurer appetite for smaller transactions. John Breedon looks at how small schemes can get ahead for next year.
2019's 'jumbo' bulk annuities bigger than any full-year volume
Small schemes are facing “obvious challenges” in grabbing insurer attention as “jumbo” deals are beginning to typify the bulk annuity market, Aon says.
Partner Insight: Longevity risk creates uncertainty, but how should you manage it?
As DB pension schemes de-risk, longevity risk becomes more and more important says Howard Kearns, Longevity Pricing Director at Insight Investment
Asda scheme completes £3.8bn full buy-in with Rothesay Life
Almost £35bn of defined benefit (DB) liabilities have now been insured this year after yet another giant buy-in by the Asda Group Pension Scheme with Rothesay Life.
UPDATED: The biggest buy-ins and buyouts announced since 2007
There have now been a total of around 50 buy-in and buyout deals of over £500m announced since 2007. The full list, provided courtesy of LCP, is as follows...
Exclusive: FTSE 100 risk settlement transactions hit £70bn
FTSE 100 risk settlement transactions have reached £70bn as a third of these firms remove longevity risk, according to Aon.
National Grid scheme completes £2.8bn buy-in with Rothesay Life
The National Grid UK Pension Scheme has agreed a £2.8bn buy-in deal with Rothesay Life, covering the benefits of an unspecified number of pensioner members.
Buy now while stocks last: Risk reduction ramps up
As the risk reduction market gets busier and busier, Jonathan Stapleton says preparations must become more comprehensive for schemes to gain a foothold.
Rothesay Life appeals High Court block on Prudential annuity transfer
Rothesay Life has lodged an appeal against the High Court’s decision to block the £12bn transfer of Prudential’s annuity book.
Allied Domecq agrees £3.8bn buy-in with Rothesay Life to take 2019 deals past £30bn
The Allied Domecq Pension Fund has insured £3.8bn of members’ benefits with Rothesay Life, in the market’s largest deal to cover both pensioner and deferred members.
Rothesay Life agrees £4.7bn buyout of GEC scheme; Biggest ever deal smashes 2018 volumes
Rothesay Life has agreed the UK’s largest ever bulk annuity deal to date – a £4.7bn buyout of the GEC 1972 Plan, making 2019 officially a record-breaking year.
'Fashionable' buy-ins delaying journey to buyout
Pension schemes could be accidentally pushing themselves further from their endgame by agreeing “fashionable” buy-ins with insurers.
Life expectancy grows but slowdown in improvements continues
British people born between 2016 and 2018 are expected to live up to 4.2 weeks longer than those born in the 2015-17 period, according to the Office for National Statistics (ONS).
DB schemes continue move out of equities in favour of illiquids
Over half of all UK defined benefit (DB) schemes have reduced their investment in equities over the last two years while diversifying into alternative growth assets, according to Aon.
Tate & Lyle secures £930m buy-in with L&G
The Tate & Lyle Pension Scheme has completed a £930m full buy-in with Legal & General (L&G), insuring benefits for around 4,800 members.
Schemes urged to act on bulk annuities as funding 'crumbles'
Defined benefit (DB) schemes should act now to insure members’ benefits before an “anomaly” in the markets is corrected, Prudential Retirement has said.
FTSE 350 schemes nearing buyout exposed to excessive risk
Growing market volatility could adversely affect defined benefit (DB) schemes nearing buyout over the next five years, Barnett Waddingham says.
L&G agrees £35m buyout with Edwards Wildman Palmer scheme
Legal & General (L&G) has entered into an agreement with US law firm Locke Lord for a £35m buyout of UK-based Edward Wildman Palmer pension scheme.
Rothesay Life secures record year with £3.7bn bulk annuity deals in H2
Rothesay Life has completed £3.7bn of bulk annuity transactions so far in the second half of this year, according to its latest trading update.
The potential pitfalls of a buy-in
While buy-ins can provide an immediate reduction to liability values, schemes run the risk of retaining key risks and storing up problems, says Jos Vermeulen
Scottish Widows launches standard annuity onto open market
Scottish Widows has launched its standard annuity onto the open market to sit alongside its existing enhanced annuity.
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