Aon

The National Grid UK Pension Scheme has completed an £800m buy-in with Rothesay, its second bulk annuity transaction with the insurer.

The winners of the Professional Pensions Investment Awards 2020 have been announced.

Pensions schemes with sponsors facing severe economic difficulties due to Covid-19 must prepare for the lifting of temporary protections from corporate insolvency at the end of the year, Aon says.

Stopping or reducing pensions contributions will begin to affect savers’ retirement outcomes if the habit is sustained too long amid the ongoing Covid-19 pandemic, Aon says.

This year has been one of the most turbulent periods for many pension scheme trustees. Those best able to navigate their way through it, have had strong governance in place, with their decision-making guided by a focus on achieving their long-term strategy. In the current market this is often easier said than done.

Aon has been re-appointed by the £400m ITN Pension Scheme to provide fiduciary management services.

Any move by the Bank of England (BoE) to cut interest rates to zero or move them into negative territory would have a limited impact on well-hedged schemes, the industry says.

UK collective defined contribution (CDC) schemes would have weathered 2020 market volatility and would not have needed to cut member benefits, Aon says.

Here they are - the winners of the UK Pensions Awards 2020...

Around £50bn of risk will be transferred to the bulk annuity and longevity swap market by the end of the year despite a slow start to the market, Aon says.