Vesuvius has signed a £15m deal with Pension Insurance Corporation (PIC) to insure further pensioner members in its UK defined benefit (DB) scheme.
The deal is the fourth extension of a £320m buy-in with PIC - which was the largest bulk annuity transaction in 2012 - where, each year, some future retirees are automatically rolled into the contract....
The number of defined benefit (DB) scheme members with benefits protected by an insurer will double by the middle of the decade, according to Lane Clark & Peacock (LCP).
Aviva Life & Pensions has concluded an £875m buy-in with its own staff pension scheme, following on from a similar transaction last year.
Just Group has completed a £74m pensioner buy-in with the UK pension scheme of a US-listed engineering business.
The Smiths Industries Pension Scheme has secured a £146m buy-in with Canada Life in its fourth bulk annuity and its sponsor’s tenth overall.
The Prudential Staff Pension Scheme has entered into a £3.7bn longevity swap with Pacific Life Re, insuring the longevity risk of over 20,000 pensioners.