The Pearson Pension Plan has agreed two buy-ins worth £1.2bn and has laid the groundwork for more bulk annuity contracts in the future.
The two deals - completed with Aviva and Legal & General (L&G) - each cover around 2,400 pensioner members, and a combined two-thirds of pensioner liabilities, and are split equally between the two insurers....
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.