Risk Reduction
Only a third of schemes have formal de-risking journeys
More than half (55%) of defined benefit (DB) schemes are now cashflow negative, yet many do not have formal de-risking plans, according to research.
Understanding the limitations of the CMI longevity model
The Continuous Mortality Investigation's (CMI's) longevity model is a useful projection tool for schemes but, as Amy Kessler explains, it has key limitations.
3i Group Pension Plan agrees £200m buy-in with PIC
The 3i Group Pension Plan has completed a £200m buy-in with Pension Insurance Corporation (PIC), its first insurance policy so far.
Tullett Prebon scheme enters £270m bulk annuity
The trustees of the Tullett Prebon Pension Scheme have agreed to insure all liabilities through a bulk annuity with Rothesay Life.
Is the slowdown in longevity improvements being overstated?
Deficits could fall by hundreds of billions of pounds if the six-year stall in life expectancy improvements becomes a long-term trend. However, there is a risk of taking too much notice of short-term changes, writes Stephanie Baxter.
Slowed longevity improvements could wipe £310bn off total pension deficit
Schemes could see huge reductions in their liabilities on a funding basis if the recent slowdown in life expectancy improvements becomes a long-term trend, according to PwC.
DB sponsors update mortality assumptions more frequently
Sponsoring employers are increasingly updating mortality assumptions at a more frequent rate to keep on top of changes in pension liabilities, according to Mercer.
Pfizer scheme enters £100m buy-in with Scottish Widows
Trustees of the Monsanto Pension Plan have agreed a £100m buy-in, protecting benefits for around 150 pensioners.
Blame shifting: Pre-packs are not a moral hazard problem
Con Keating says pre-pack administrations do not pose a moral hazard issue, and the problem is actually perverse incentives
How PGL's longevity swap was converted into a buy-in
Phoenix Group's senior corporate pensions actuary Richard Zugic speaks to PP about how a longevity swap was transformed into a bulk annuity for the PGL Pension Scheme in the first deal of its kind.
Converting longevity swaps into bulk annuities: The next de-risking innovation?
Longevity hedges have long been considered a hurdle to doing a bulk annuity, but a ground-breaking deal shows it doesn't have to be. Stephanie Baxter looks at why converting swaps into buy-ins is taking off.
Mortality improvements in the noughties may have been the blip
Higher health and social care spending between 2000 and 2010 may have caused a blip in longevity estimates by accelerating improvements, according to Barnett Waddingham.
PPF to ease administration burden on small schemes after WPC recommendations
The PPF's David Taylor speaks to Stephanie Baxter about how it could reduce the pressure on smaller schemes, and how sponsors will be impacted by its planned levy changes
PPF consults on levy rule changes; Two-thirds of schemes could see levy reductions
The Pension Protection Fund (PPF) is proposing changes to its levy rules for the next triennium from 2018/19 to develop a more accurate assessment of insolvency risk.
Phoenix Life's £1.2bn buy-in for own scheme is biggest transaction for 2016
Phoenix Life has announced it completed a buy-in for its UK defined benefit (DB) scheme last December, making it the largest de-risking transaction of the year.
Charities' pension scheme completes buy-in with Aviva
Trustees of an industry-wide charity pension scheme have completed a £70m buy-in with Aviva, which will flip into a full buyout with the insurer over the next 12 months.
Buy-ins and buyouts top £10bn for third year in row
De-risking deals hit £10.2bn last year thanks to a busy second half as concerns over Solvency II waned, according to Lane Clark & Peacock (LCP).
Alps Electric enters £33m buyout with PIC
The trustees of the Alps Electric Pension Scheme have concluded a £33m buyout of its liabilities with Pension Insurance Corporation (PIC).
Could new PPF levy for sponsorless schemes scupper future RAA deals?
The PPF's plans to impose a new levy model on schemes that cease to have a substantive sponsor have received mixed reactions from the industry, writes Stephanie Baxter
Prudential agrees £1bn longevity reinsurance deal with Rothesay Life
Prudential Retirement has reinsured benefits for around 22,500 pensioners, after taking on liabilities from Rothesay Life in their sixth deal together.
Cineworld enters buyout with Aviva
Cineworld has revealed it completed a buyout for its defined benefit (DB) pension scheme with Aviva Annuity UK last December at a cost of £4.8m.
Solvency II shifts timing and pricing of de-risking deals
Solvency II regulations have caused a shift in the timing of buy-in and buyout transactions, as well as asset sourcing, according to Aon Hewitt.
New standalone BHS scheme could be first under overhauled levy rule
A scheme to allow British Home Stores (BHS) members to avoid large cuts through the Pension Protection Fund (PPF) could be the first to be assessed under new levy calculations.
Cancer Research completes £250m buy-in with Canada Life
The trustees of the Cancer Research UK Pension Scheme have signed a £250m pensioner buy-in with Canada Life, bringing the insurer into the mid-range de-risking market.
