The defined benefit (DB) scheme of Evonik Holdings UK has agreed a £544m full buy-in with Legal & General (L&G) Assurance Society.
The Pensions Regulator’s (TPR) long-term funding approach will put extra financial pressure on UK pension scheme sponsors, according to Aon.
The Marie Curie defined benefit (DB) scheme has entered into a circa £30m full scheme buy-in agreement with Legal & General (L&G) Assurance Society.
Between £30bn and £40bn of pension risk is expected to be transferred to insurers via buy-ins and buyouts this year, Aon says.
While the pandemic will obviously leave its mark on UK schemes, there are hopes for some positive moves in 2021, says Matthew Arends
The market events of 2020 could lead to a “fresh wave” of benefit reviews by UK companies and subsequent pension schemes closures, Aon says.
The Aon Retirement Plan has completed a £510m pensioner buy-in with Scottish Widows, insuring members in the Aon Bain Hogg Pension Scheme section.
The BBC Pension Scheme has completed a £3bn longevity swap deal with Zurich and Canada Life Reinsurance, covering the risk of pensioner and dependent members.
Aon has urged the pensions industry to avoid over-reacting to the impact of Covid-19, as it predicts another huge year for the UK risk settlement industry in 2021.