Bulk annuities
Buy-in and buyout volumes to reach £30-£40bn in 2021; Superfund 'floodgate' may open
Between £30bn and £40bn of pension risk is expected to be transferred to insurers via buy-ins and buyouts this year, Aon says.
Maersk agrees £1.1bn buy-in with L&G
The Maersk Retirement Benefit Scheme has agreed a £1.1bn buy-in with Legal & General (L&G) Assurance Society, protecting benefits for around 4,900 members.
BBC agrees £3bn longevity swap while Aon scheme completes £510m buy-in
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 agrees £510m buy-in with Scottish Widows
The Aon Retirement Plan has completed a £510m pensioner buy-in with Scottish Widows, insuring members in the Aon Bain Hogg Pension Scheme section.
National Grid completes £800m buy-in with Rothesay; Homestyle and Aviva agree £103m buyout
The National Grid UK Pension Scheme has completed an £800m buy-in with Rothesay, its second bulk annuity transaction with the insurer.
A third of DB benefits to be insured by middle of 2020s, says LCP
The number of defined benefit (DB) scheme members with benefits protected by an insurer will double by the middle of the decade, according to Lane Clark & Peacock (LCP).
Aviva completes £875m second buy-in with own staff scheme
Aviva Life & Pensions has concluded an £875m buy-in with its own staff pension scheme, following on from a similar transaction last year.
Smiths Group completes £146m buy-in with Canada Life
The Smiths Industries Pension Scheme has secured a £146m buy-in with Canada Life in its fourth bulk annuity and its sponsor’s tenth overall.
Baker Hughes agrees £100m buy-in with Just
The Baker Hughes (UK) Pension Plan has secured approximately £100m of liabilities through a buy-in with Just Group.
Reckitt Benckiser completes £415m buy-in with Scottish Widows
The Reckitt Benckiser Pension Fund has secured a £415m buy-in with Scottish Widows, insuring the benefits of around half of pensioners.
Just Group insures two schemes for £22m
Just Group has insured £22m of benefits for pensioners at two unnamed schemes, with support from K3 Advisory and Cartwright Benefit Solutions.
M&S completes £750m buy-ins with Aviva and Phoenix
The Marks and Spencer (M&S) Pension Scheme has completed two buy-ins with Aviva and Phoenix, insuring a total of £750m of benefits.
BHS Senior Management Scheme completes PPF+ buy-in with L&G
The BHS Senior Management Scheme has agreed a £2.5m buy-in with Legal & General (L&G) Assurance Society, securing benefits outside of the Pension Protection Fund (PPF).
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.
