Risk Reduction
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.
List: The biggest UK longevity swaps
There have now been a total of 30 longevity swaps over £1bn publicly announced. The full list, provided by Willis Towers Watson and through PP research, is as follows...
Reckitt Benckiser completes £415m buy-in with Scottish Widows
The Reckitt Benckiser Pension Fund has secured a £415m buy-in with Scottish Widows, insuring the benefits of around half of pensioners.
Just Group insures two schemes for £22m
Just Group has insured £22m of benefits for pensioners at two unnamed schemes, with support from K3 Advisory and Cartwright Benefit Solutions.
M&S completes £750m buy-ins with Aviva and Phoenix
The Marks and Spencer (M&S) Pension Scheme has completed two buy-ins with Aviva and Phoenix, insuring a total of £750m of benefits.
BHS Senior Management Scheme completes PPF+ buy-in with L&G
The BHS Senior Management Scheme has agreed a £2.5m buy-in with Legal & General (L&G) Assurance Society, securing benefits outside of the Pension Protection Fund (PPF).
Old British Steel scheme completes £2bn buy-in with PIC
The Old British Steel Pension Scheme (OBSPS) has agreed a £2bn full buy-in with Pension Insurance Corporation (PIC), one step closer to exiting Pension Protection Fund (PPF) assessment.
Bulk annuities: Optimise the inputs to improve the outcome
Much like when selling a house, DB plans need to tidy up before approaching the bulk annuity market, says David Ellis.
Just completes £340m buy-in with Ibstock scheme
Just Group has completed a £340m buy-in with the Ibstock Pension Scheme in the insurer’s largest ever bulk annuity transaction.
Punter Southall launches DB scheme consolidator called Stoneport Pensions
Punter Southall has launched a defined benefit (DB) scheme consolidator in a bid to allow small schemes to cut their running costs, reduce risk and improve benefit security and governance.
2020 is offering de-risking opportunities for smaller schemes
With a recent rise in the number of smaller schemes undertaking bulk annuity transactions, Charlotte Quarmby sets out why now might be the right time for smaller pension schemes looking to de-risk.
Clara Pensions adds Wilton Re as additional capital partner
Wilton Re has made an investment in Clara Pensions to support the consolidator’s growth and development.
Two in five schemes expect to transfer risk within three years, finds Willis Towers Watson
Two in five UK defined benefit (DB) schemes expect to complete a bulk annuity or longevity swap transaction within the next three years, Willis Towers Watson research finds.
2021 will bring 'triple whammy' for covenant support
Sponsor covenants are facing a “triple whammy” moving into 2021 as the effects of Covid-19, Brexit and macro-economic conditions combine, Lincoln Pensions warns.
What Covid-19 means for longevity and bulk annuities
Darryl Brundle and Ashley Kanter look at the contrasting pressures and easements on longevity associated with the pandemic
Self-sufficiency falls in popularity as long-term objective
Fewer pension schemes are targeting self-sufficiency as their long-term objective while bulk annuity pricing improves and the consolidation market opens up.
Schemes to transfer £50bn of risk to insurers this year
Around £50bn of risk will be transferred to the bulk annuity and longevity swap market by the end of the year despite a slow start to the market, Aon says.
Smiths Group completes £142m buy-in with Aviva
The TI Group Pension Scheme, sponsored by industrial technology firm Smiths Group, has completed a £142m buy-in with Aviva.
CMI launches consultation on zero-weighting 'exceptional' 2020 death data for core model
The Continuous Mortality Investigation (CMI) is asking for industry views to address the “exceptional” mortality data seen throughout the coronavirus pandemic as it updates its mortality projections model.
Bulk annuity market 'repeat buyer' trend to ensure H2 boost
The bulk annuity market’s ‘repeat buyers’ will continue to drive market volumes through 2020 with cautious insurers on the hunt for “a track record of successful deals”, Aon says.
