Risk Reduction
DB deficit could be halved by adopting new 'end-game' solutions
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
L&G completes £285m buy-in with Fortune 500 company
A US company has completed a £285m pensioner bulk annuity for around 1,100 of UK members with Legal & General (L&G).
Greene King completes £50m buy-in with Scottish Widows
Pub retailer and brewer Greene King has signed a £50m bulk annuity contract with Scottish Widows for the Spirit Pension Scheme.
BA deal marks 'new chapter' for risk reduction market; £20bn-plus of transactions expected this year as megadeals continue
The Airways Pension Scheme's £4.4bn buy-in with Legal & General, announced this morning, is set to mark a 'fundamental shift' in market dynamics with deal volumes of £20bn-plus for 2018 now looking possible, consultants say.
List: The biggest buy-ins and buyouts announced since 2007
There have now been a total of 42 buy-in and buyout deals of over £500m announced since 2007. The full list, provided courtesy of LCP, is as follows...
Airways Pension Scheme lands £4.4bn pensioner buy-in with Legal and General
The British Airways sponsored Airways Pension Scheme (APS) has completed a £4.4bn pensioner bulk annuity buy-in with Legal & General.
PIC racks up £4.5bn of bulk annuity business in 'best ever' year so far
Sales in Pension Insurance Corporation's (PIC) bulk annuity business rose by 73% compared to the same period last year, its half-year results have revealed.
Melrose seeks buyout for GKN pension scheme
Turnaround company Melrose Industries is seeking to insure the benefits of one of the GKN pension schemes it took on when acquiring the aerospace business earlier this year, according to reports.
Hays conducts £271m buy-in in Canada Life's first deal of 2018
The £800m Hays Pension Scheme has completed a £270.6m buy-in with Canada Life, insuring all future benefits for pensioner members.
L&G conducts £300m longevity swap
Legal & General (L&G) has entered the small scheme longevity insurance market after completing a £300m longevity swap with a pension fund.
How the BHS successor scheme completed an £800m buyout
Over two years since the collapse of the high street giant, BHS pension scheme members will be able to put their anxieties to rest thanks to a bulk annuity deal. James Phillips explores the detail.
Proportion of DB schemes targeting buyout trebles in past five years
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.
Menzies scheme agrees £75m buyout with PIC
The Menzies Pension Fund has entered into a £75m buyout with Pension Insurance Corporation (PIC) through a bespoke deal involving payments in instalments.
New BHS scheme completes £800m buyout with PIC
Approximately 9,000 members who transferred to the BHS2 Pension Scheme last year have had their benefits fully insured through a buyout with Pension Insurance Corporation (PIC).
Bulk annuity market in record-breaking first half
Around £8bn of buy-ins and buyouts were completed in the first half of this year, writing the highest volume of deals of any first half to date.
L&G transacts £507m bulk annuities in quieter H1 but expects 'exceptionally busy' H2
Legal & General (L&G) has announced bulk annuity sales in the first half were £1bn lower than last year, but it expects another £7bn of deals in the second half.
Aviva completes £1bn longevity reinsurance deal with Prudential
The Prudential Insurance Company of America (PICA) has agreed to assume approximately £1bn of pension liabilities from Aviva's bulk annuity business.
Aviva racks up £1.5bn of bulk annuity business in H1
Sales in Aviva's bulk purchase annuity business totalled £1.5bn in the first half of 2018, its half-year results have revealed.
FTSE 100 schemes increase bond allocation to de-risk
Two-thirds of FTSE 100 DB schemes invest more than 50% of assets in bonds to tackle investment mismatching, according to JLT research. Victoria Ticha takes a closer look
Scottish Widows transacts £1bn of bulk annuities in H1
Four bulk annuity transactions worth over £1bn were transacted by Scottish Widows in the first half of the year, according to its half yearly report.
Average FTSE 100 scheme bond allocation rises to 64%
Almost two-thirds of FTSE 100 defined benefit (DB) pension schemes invest more than 50% of their assets in bonds, according to a report by JLT Employee Benefits.
Just Group's bulk annuity sales up 143% in H1
Bulk annuity deals transacted by Just Group totalled £718m in the first half of this year compared to £296m in H1 2017, according to its latest results.
Civil Aviation Authority completes £60m pension buy-in with PIC
Pension Insurance Corporation (PIC) has completed a £60m buy-in deal for the Civil Aviation Authority's defined benefit (DB) scheme.
Why bulk annuities could get more expensive for schemes
Buy-in and buyout pricing could increase due to future capital requirements for insurers holding equity release mortgage assets to back deals. Victoria Ticha looks at what it means for trustees
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