The Co-operative Pension Scheme (Pace) has entered into its fourth bulk annuity transaction of 2020, agreeing a £350m buy-in with Aviva.
After a bumper year, insurers are now facing a slower and smaller pipeline as schemes grapple with Covid-19, writes James Phillips.
The Leonardo Electronic Pension Scheme has concluded a £160m pensioner buy-in with Just Group in the scheme’s first risk transfer exercise.
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 has agreed a £72m buy-in contract for its two defined benefit pension schemes with Aviva.
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.
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’s bulk purchase annuity volumes increased 55% to £4bn in the year to 31 December 2019 its full year results reveal.
Scottish Widows completed five bulk annuity transactions in 2019, with liabilities insured exceeding £2bn.
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.