Risk Reduction
PIC completes £250m buy-in with two WPP schemes
Multinational communication services giant WPP has completed a £250m buy-in for two of its pension schemes with Pension Insurance Corporation (PIC) as the insurer celebrated a “healthy pipeline” of deals amid the Covid-19 outbreak.
Filling the gaps in pensions risk management
Many key pension scheme risks fall outside the IRM framework and are therefore often left unmitigated. Matthew Giles looks at how to tackle these areas.
Market volatility making bulk annuities more affordable
The fall in pricing of credit assets due to Covid-19 has made bulk annuities more affordable for schemes with significant gilt holdings, according to XPS Pensions.
De-risking in a crisis: What you can do during the coronavirus pandemic
While market conditions may have put a dent in your de-risking plans, there is still plenty of preparation you can do and opportunities to take advantage of, says Michael Abramson.
Just Group reports £1.2bn of bulk annuities last year
Another £1.2bn of defined benefit (DB) scheme liabilities were insured by Just Group last year, according to its preliminary full-year results.
Case study: Eyes on Carter and Parker's £9.3m buy-in
After a year dominated by mega bulk annuity deals, K3 Advisory looks at how the Carter and Parker scheme made its £9.3m buy-in attractive to insurers.
Getting a better bulk annuity price from your insurer
Nimble footwork enables small schemes to compete with the big boys in the buyout market, says Stephanie Hawthorne.
L&G reports £10.3bn of bulk annuities in 2019; DC assets up 33%
Legal & General (L&G) completed 28 bulk annuity transactions with UK pension schemes over the course of 2019, its annual report reveals.
Xylem agrees £255m buy-in with Rothesay Life
The Xylem UK Pension Plan has confirmed a £255m buy-in transaction with Rothesay Life in the insurer’s first deal of 2020.
Scottish Widows completes £2bn de-risking deals in 2019
Scottish Widows completed five bulk annuity transactions in 2019, with liabilities insured exceeding £2bn.
Co-op scheme agrees £1bn buy-in with PIC
The Co-operative Pension Scheme (Pace) has agreed a £1bn buy-in with Pension Insurance Corporation (PIC), insuring benefits for around 7,000 members.
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...
AIB secures £1.1bn de-risking deal targeting full buy-in
Allied Irish Bank (AIB) has secured an £850m buy-in for its UK pension scheme with Legal & General (L&G).
MNOPF completes £1.6bn buy-in with PIC
The trustees of the £3bn Merchant Navy Officers Pension Fund (MNOPF) have secured £1.6bn of members’ pension benefits through a buy-in transaction with Pension Insurance Corporation (PIC).
Seven multi-billion deals account for two-thirds of 2019 bulk annuity volumes
A significant increase in so-called ‘mega-transactions’ accounted for around two-thirds of the record-breaking bulk-annuity transfer volumes for 2019, Hymans Robertson analysis reveals.
Co-op scheme completes £1bn buy-in with Aviva
The Co-operative Pension Scheme, known as Pace, has completed a £1bn buy-in with Aviva in the first announced bulk annuity deal of 2020.
Managing the next biggest liability risk
Very few schemes have protection in place against longevity risk in their scheme liabilities. Howard Kearns explains why and how to rectify this
Lloyds schemes agree £10bn longevity swap with Pacific Life Re
Three Lloyds Banking Group pension schemes have transferred £10bn of longevity risk to Pacific Life Re in the second-largest longevity swap ever.
List: The biggest UK longevity swaps
There have now been a total of 27 longevity swaps over £1bn publicly announced. The full list, provided by Willis Towers Watson and through PP research, is as follows...
PIC posts record year for bulk annuities
Pension Insurance Corporation (PIC) insured £7.2bn of scheme liabilities over the course of 2019, recording more new business than in any year prior.
Longevity swap market to post record year
Longevity swap transactions will hit a record-breaking level of £25bn this year, Willis Towers Watson has predicted.
Longevity hedging most popular tool in endgame planning
Schemes are increasingly looking at longevity hedging as part of their de-risking process, according to a survey by Insight Investment.
£30bn bulk annuity market to be the 'new normal'
Insurers are now able to accommodate up to £30bn of bulk annuity transactions every year with no impact on pricing, according to Lane Clark & Peacock (LCP).
Global reinsurance trends could raise bulk annuity prices
Increasing demand for global longevity reinsurance could lead to higher bulk annuity prices but less exact matching for longevity hedging, says Mercer.
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