bulk annuity
Bulk annuity volumes still to hit £25bn this year
Around £25bn of buy-ins and buyouts are set to be transacted this year despite the Covid-19 challenges, according to Lane Clark & Peacock (LCP).
Castings enters into buy-in contract with Aviva
Castings has agreed a £72m buy-in contract for its two defined benefit pension schemes with Aviva.
Market volatility making bulk annuities more affordable
The fall in pricing of credit assets due to Covid-19 has made bulk annuities more affordable for schemes with significant gilt holdings, according to XPS Pensions.
PIC boosts financial investments by £10bn in 2019
The Pension Insurance Corporation (PIC) boosted its financial investments last year by nearly £10bn to £40.9bn, up from £31.4bn the year prior, according to its full-year results.
Aviva reports 55% rise in bulk annuity purchase volumes
Aviva’s bulk purchase annuity volumes increased 55% to £4bn in the year to 31 December 2019 its full year results reveal.
Scottish Widows completes £2bn de-risking deals in 2019
Scottish Widows completed five bulk annuity transactions in 2019, with liabilities insured exceeding £2bn.
Rothesay Life agrees £255m full buy-in with ESAB scheme
The ESAB Group (UK) Limited Pension & Life Assurance Scheme has purchased a £255m full buy-in with Rothesay Life, covering benefits for all 900 members of the scheme.
Bulk annuity market to 'top £0.5trn in 2020s'
The value of UK bulk annuity deals is set to quadruple in the 2020s when compared to this decade, Mercer has predicted.
National Grid agrees £1.6bn buy-in with L&G in second deal this year
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).
Insurers are letting down small DB schemes
Without specialist help, smaller DB schemes are being left behind in a bulk annuity market increasingly focused on mega-deals, says Rob Dales.
PIC converts Scottish Hydro-Electric Pension Scheme longevity swap into £750m buy-in
Pension Insurance Corporation (PIC) has agreed a £750m bulk annuity transaction, converting a pensioner longevity swap held by the Scottish Hydro Electric Pension Scheme (SHEPS) into a buy-in.
Aviva completes £1.7bn buy-in with its staff pension scheme
Aviva Life and Pensions UK has completed a £1.7bn bulk annuity buy-in with the Aviva Staff Pension Scheme.
2019's 'jumbo' bulk annuities bigger than any full-year volume
Small schemes are facing “obvious challenges” in grabbing insurer attention as “jumbo” deals are beginning to typify the bulk annuity market, Aon says.
Exclusive: FTSE 100 risk settlement transactions hit £70bn
FTSE 100 risk settlement transactions have reached £70bn as a third of these firms remove longevity risk, according to Aon.
Five stories you may have missed this week
This week’s top stories include Thomas Cook’s four pension schemes being poised to enter a Pension Protection Fund assessment period.
Allied Domecq agrees £3.8bn buy-in with Rothesay Life to take 2019 deals past £30bn
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 agrees £4.7bn buyout of GEC scheme; Biggest ever deal smashes 2018 volumes
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.
'Fashionable' buy-ins delaying journey to buyout
Pension schemes could be accidentally pushing themselves further from their endgame by agreeing “fashionable” buy-ins with insurers.
Schemes urged to act on bulk annuities as funding 'crumbles'
Defined benefit (DB) schemes should act now to insure members’ benefits before an “anomaly” in the markets is corrected, Prudential Retirement has said.
Five stories you may have missed this week
This week’s top stories included The Pensions Regulator launching a prosecution against the director of a professional trustee firm, and the regulator approving five master trusts.
L&G agrees £35m buyout with Edwards Wildman Palmer scheme
Legal & General (L&G) has entered into an agreement with US law firm Locke Lord for a £35m buyout of UK-based Edward Wildman Palmer pension scheme.
Rothesay Life secures record year with £3.7bn bulk annuity deals in H2
Rothesay Life has completed £3.7bn of bulk annuity transactions so far in the second half of this year, according to its latest trading update.
The potential pitfalls of a buy-in
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
Just Group exploring DB de-risking partnership while bulk annuity deals fall
Just Group is exploring a defined benefit (DB) de-risking partnering approach as part of the development of a capital light fee business, according to its half-year results.
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