Risk Reduction
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
600 Group enters £201m buyout with PIC
Trustees of the 600 Group's defined benefit (DB) pension scheme have agreed to a £201m buyout with Pension Insurance Corporation (PIC).
PPF's funding ratio rises to 122.8% despite challenging year
The Pension Protection Fund has seen its funding level improve by 1.2 percentage points, after enjoying above target returns in a year when it took on pension schemes of big corporates like Carillion.
IET pension scheme completes £50m buy-in with PIC
The Institution of Engineering and Technology (IET) pension scheme has insured £50m of pensioner liabilities through a buy-in with Pension Insurance Corporation (PIC).
Here is an idea DWP might (or not) want to think about...
Richard Favier says the process for regulated apportionment agreements is complex, lengthy, expensive, but there is a solution
Siemens completes £1.3bn pensioner buy-in
The trustees of the Siemens defined Benefit (DB) scheme have completed a buy-in with Pension Insurance Corporation (PIC), covering around 6000 members.
BMO combines credit with LDI to simplify de-risking
Funds that match and link credit with liability-driven investing (LDI) have been launched by BMO Global Asset Management in a bid to simplify the process of de-risking defined benefit (DB) schemes.
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