IRELAND - Lucida is to reinsure an initial €110m (US$160.1m) of Bank of Ireland Life's existing corporate pension annuity business, in the first deal of its kind.
Margaret Snowden, operations director, Lucida, told Global Pensions: "As we have expertise in longevity we can take care of this risk going forward.
"Through this deal we are not paying the pensions directly, but insuring the assets behind them. In this buyout market, every deal is different."
Snowden confirmed this was the insurance company's first transaction since its authorisation to trade was agreed in November 2007.
Following this deal, Snowden confirmed the company had received a significant number of requests for quotations.
An innovative funding structure has been agreed for Croydon Pension Fund. However, there are some concerns about the arrangement. Stephanie Baxter reports
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The Norfolk Pension Fund has been successful as the lead plaintiff in a class action case that went to jury trial in California involving securities fraud.
In this week's Pensions Buzz, we want to know whether bosses should have to pay into the same staff DB scheme as their workers rather than their own executive pension fund.