Bulk annuities
Old British Steel scheme completes £2bn buy-in with PIC
The Old British Steel Pension Scheme (OBSPS) has agreed a £2bn full buy-in with Pension Insurance Corporation (PIC), one step closer to exiting Pension Protection Fund (PPF) assessment.
Bulk annuities: Optimise the inputs to improve the outcome
Much like when selling a house, DB plans need to tidy up before approaching the bulk annuity market, says David Ellis.
Just completes £340m buy-in with Ibstock scheme
Just Group has completed a £340m buy-in with the Ibstock Pension Scheme in the insurer’s largest ever bulk annuity transaction.
2020 is offering de-risking opportunities for smaller schemes
With a recent rise in the number of smaller schemes undertaking bulk annuity transactions, Charlotte Quarmby sets out why now might be the right time for smaller pension schemes looking to de-risk.
Two in five schemes expect to transfer risk within three years, finds Willis Towers Watson
Two in five UK defined benefit (DB) schemes expect to complete a bulk annuity or longevity swap transaction within the next three years, Willis Towers Watson research finds.
What Covid-19 means for longevity and bulk annuities
Darryl Brundle and Ashley Kanter look at the contrasting pressures and easements on longevity associated with the pandemic
Self-sufficiency falls in popularity as long-term objective
Fewer pension schemes are targeting self-sufficiency as their long-term objective while bulk annuity pricing improves and the consolidation market opens up.
Schemes to transfer £50bn of risk to insurers this year
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.
Smiths Group completes £142m buy-in with Aviva
The TI Group Pension Scheme, sponsored by industrial technology firm Smiths Group, has completed a £142m buy-in with Aviva.
Overloaded bulk annuity market to kickstart superfunds
A burgeoning superfund market could be on the cards within three years as defined benefit (DB) scheme trustees and sponsors face myriad legislative, economic, and capacity issues, says Lane Clark & Peacock (LCP).
Bulk annuity market on course for second busiest year after £12.6bn first half
Around £12.6bn of buy-ins and buyouts were completed in the first half of 2020 despite the onset of the Covid-19 pandemic, according to Lane Clark & Peacock (LCP) analysis.
2020 may be a 'blip' for bulk annuity volumes
This year might prove to be a blip in the growth of the bulk annuity market despite volumes trending towards £25bn, according to Mercer.
Hitachi completes £275m buy-in with L&G
The Hitachi UK Pension Scheme has agreed and completed a £275m buy-in deal with Legal & General (L&G) covering the remaining benefits in the scheme.
Siemens completes £530m buy-in with L&G
The Siemens Benefits Scheme has agreed a £530m buy-in with Legal & General (L&G), insuring the benefits of more than 2,300 pensioner members.
ICI secures £70m of benefits in ninth buy-in with L&G
The ICI Pension Fund has completed its ninth buy-in with Legal & General (L&G), insuring a further £70m of benefits and bringing total insured benefits with L&G to around £5.8bn.
Just Group completes £460m of de-risking deals in H1
Just Group completed £460.3m of bulk annuity deals in the six months to 30 June, its half-year results have revealed.
Littlewoods scheme completes £930m buy-in with Rothesay Life
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.
Phoenix reports small profit hike as bulk annuities top £1bn
Phoenix Group has reported a £36m increase in group operating profit in the first six months of this year, as well as strong cash generation of £433m.
Aviva profits dented by Covid-19 but bulk annuities offset fall
Aviva’s operating profit fell by 11% in the first half of the year as Covid-19 hit business activity, although a growth in bulk annuity sales partially offset the drop.
Countrywide Farmers scheme completes £100m PPF+ buy-in with L&G
The Countrywide Farmers Retirement Benefits has secured a £100m buy-in with Legal & General, insuring members’ benefits above Pension Protection Fund (PPF) compensation levels.
Premaberg scheme agrees £5m buy-in deal with Just Group
The Premaberg Holdings Limited Retirement Benefits Plan has agreed a £5m buy-in transaction with Just Group.
Bulk annuities help sponsors outperform peers on share prices
Sponsors whose pension schemes complete buy-ins or buyouts tend to outperform their peers by between 0.25% and 3% on average, Mercer research finds.
Bulk annuity 'end of year sale' possible as total volumes expected to halve
Covid-19 has caused a slowdown in the number of bulk annuity transactions, with buy-ins and buyouts expected to amount to a maximum of £25bn this year, Willis Towers Watson says.
How the GHG scheme learned from one crisis to complete a buy-in during another
Twelve years after its funding level was hit severely by the global financial crisis, the GHG pension scheme completed a £150m buy-in amid the Covid-19 economic chaos. James Phillips speaks to the key players about the journey.
