Insurers are now able to accommodate up to £30bn of bulk annuity transactions every year with no impact on pricing, according to Lane Clark & Peacock (LCP).
The Electricity North West Group of the Electricity Supply Pension Scheme (ESPS) has invested in an £805m pensioner buy-in with Scottish Widows.
Greater regulatory focus on covenant, holistic risk management, and long-term targets has helped proactive schemes approach their endgames earlier, says Adolfo Aponte.
The National Grid UK Pension Scheme has agreed its second buy-in this year, transferring £1.6bn of pension risk to Legal & General (L&G).
The Carter & Parker Limited Staff Retirement Benefits Plan (1975) has agreed a £9.3m bulk annuity deal with Canada Life.
The Aegon UK Staff Retirement and Death Benefit Scheme has secured a £144m buy-in with Phoenix, covering around a quarter of pensioner liabilities.
There has been a 30% reduction in the number of small scheme buy-in and buyout transactions, highlighting how insurer attention has shifted towards larger deals.
Mega-deals have dominated the buy-in and buyout market this year, limiting insurer appetite for smaller transactions. John Breedon looks at how small schemes can get ahead for next year.
Small schemes are facing “obvious challenges” in grabbing insurer attention as “jumbo” deals are beginning to typify the bulk annuity market, Aon says.
Schemes with poor record keeping should be handed harsher punishments, say the majority of this week’s 83 Pensions Buzz respondents.
The National Grid UK Pension Scheme has agreed a £2.8bn buy-in deal with Rothesay Life, covering the benefits of an unspecified number of pensioner members.
As the risk reduction market gets busier and busier, Jonathan Stapleton says preparations must become more comprehensive for schemes to gain a foothold.
This week’s top stories include Thomas Cook’s four pension schemes being poised to enter a Pension Protection Fund assessment period.
The Allied Domecq Pension Fund has insured £3.8bn of members’ benefits with Rothesay Life, in the market’s largest deal to cover both pensioner and deferred members.
Rothesay Life has agreed the UK’s largest ever bulk annuity deal to date – a £4.7bn buyout of the GEC 1972 Plan, making 2019 officially a record-breaking year.
Pension schemes could be accidentally pushing themselves further from their endgame by agreeing “fashionable” buy-ins with insurers.
Over half of all UK defined benefit (DB) schemes have reduced their investment in equities over the last two years while diversifying into alternative growth assets, according to Aon.
While buy-ins can provide an immediate reduction to liability values, schemes run the risk of retaining key risks and storing up problems, says Jos Vermeulen
The Sportech Pension Scheme has entered into an agreement with Just Group for a £2.5m buy-in ahead of a planned buyout.
The Hitachi Data Systems Retirement Benefits Plan has agreed a buy-in with Legal & General (L&G) Assurance Society, covering both defined benefit (DB) and defined contribution (DC) provision.
This week's top stories included HSBC's scheme completing a £7bn longevity swap with PICA and the government announcing it would review the tapered allowance for NHS scheme members.
The Cadbury Mondelēz Pension Fund has agreed a £520m buy-in with Rothesay Life, insuring benefits for around 1,900 pensioner members.
Around £17.5bn of buy-ins and buyouts were transacted in the first half of the year as market records continue to tumble.
Phoenix Life has completed a £1.1bn buy-in with its own defined benefit (DB) plan, the PGL Pension Scheme, it has announced.