Risk Reduction
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.
ESPS completes £805m buy-in with Scottish Widows
The Electricity North West Group of the Electricity Supply Pension Scheme (ESPS) has invested in an £805m pensioner buy-in with Scottish Widows.
Zurich insures £800m of FTSE 100 scheme longevity risk
Zurich has agreed to insure £800m of longevity risk for the pensioners of a FTSE 100-sponsored pension scheme.
Rothesay Life agrees £255m full buy-in with ESAB scheme
The ESAB Group (UK) Limited Pension & Life Assurance Scheme has purchased a £255m full buy-in with Rothesay Life, covering benefits for all 900 members of the scheme.
Bulk annuity market to 'top £0.5trn in 2020s'
The value of UK bulk annuity deals is set to quadruple in the 2020s when compared to this decade, Mercer has predicted.
Enabling the endgame: Why IRM has been crucial to bumper bulk annuity deals
Greater regulatory focus on covenant, holistic risk management, and long-term targets has helped proactive schemes approach their endgames earlier, says Adolfo Aponte.
National Grid agrees £1.6bn buy-in with L&G in second deal this year
The National Grid UK Pension Scheme has agreed its second buy-in this year, transferring £1.6bn of pension risk to Legal & General (L&G).
Insurers are letting down small DB schemes
Without specialist help, smaller DB schemes are being left behind in a bulk annuity market increasingly focused on mega-deals, says Rob Dales.
Where now for the DB superfunds?
Interest around DB consolidators is high but there remains regulatory uncertainty around their future. Lesley Carline looks at what the future might hold for this section of the market.
Carter & Parker scheme completes £9m buy-in with Canada Life
The Carter & Parker Limited Staff Retirement Benefits Plan (1975) has agreed a £9.3m bulk annuity deal with Canada Life.
Phoenix insures £144m of Aegon scheme liabilities
The Aegon UK Staff Retirement and Death Benefit Scheme has secured a £144m buy-in with Phoenix, covering around a quarter of pensioner liabilities.
PIC converts Scottish Hydro-Electric Pension Scheme longevity swap into £750m buy-in
Pension Insurance Corporation (PIC) has agreed a £750m bulk annuity transaction, converting a pensioner longevity swap held by the Scottish Hydro Electric Pension Scheme (SHEPS) into a buy-in.
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