UK - L&G has carried out a partial buyout of the TI pension scheme, to take responsibility for 20% of its overall value.
Mike Abrams, director, UK Pensions, spoke on behalf of the scheme: "The trustee chose to purchase annuities to match a portion of the scheme's liabilities, the aim being to reduce the effect of changing investment and mortality conditions on the scheme's funding position, so providing greater security and stability in the funding of all members' benefits."
Abrams assured scheme members they would not see a difference to their retirement benefit payments.
Simon Gadd, managing director, Legal & General's annuities business, said: "We are seeing a significant increase in the number of trustee bodies considering options to reduce the risks involved in running their pension schemes."
In its Q1 results, L&G said it had written £722m (US$1.4bn) of new pension buyout business since January 2008, a rise of 324% against the same period last year.
Over the past 20 years, L&G has taken responsibility for more than 1500 pension schemes.
For an in depth look at the current UK buyout market, see Global Pensions Weekly Edition (Global Pensions; 11 April 2008).
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