Lane Clark and Peacock (LCP) has predicted the total volume of buy-ins and buyouts will surpass £15bn in the first half of this year, more than double 2018 H1 volumes.
Around £12.9bn of deals has so far been disclosed this year, including the £4.6bn partial buy-out by the Rolls-Royce Pension Fund with Legal & General - the largest ever bulk annuity conducted in the UK....
The Littlewoods Pensions Scheme has completed a buy-in covering just under £930m of around 6,500 members’ benefits with Rothesay Life, the majority of which relate to deferred members.
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...
Longevity swap usage is expected to grow further as more reinsurers enter the market to hedge the risk of deferred members, according to Mercer.
The Countrywide Farmers Retirement Benefits has secured a £100m buy-in with Legal & General, insuring members’ benefits above Pension Protection Fund (PPF) compensation levels.
The LV= Employee Pension Scheme has agreed a buy-in of around £800m with Phoenix Life after converting an existing longevity swap.