Nimble footwork enables small schemes to compete with the big boys in the buyout market, says Stephanie Hawthorne.
Legal & General (L&G) completed 28 bulk annuity transactions with UK pension schemes over the course of 2019, its annual report reveals.
The Xylem UK Pension Plan has confirmed a £255m buy-in transaction with Rothesay Life in the insurer’s first deal of 2020.
Scottish Widows completed five bulk annuity transactions in 2019, with liabilities insured exceeding £2bn.
The trustees of the £3bn Merchant Navy Officers Pension Fund (MNOPF) have secured £1.6bn of members’ pension benefits through a buy-in transaction with Pension Insurance Corporation (PIC).
The Co-operative Pension Scheme, known as Pace, has completed a £1bn buy-in with Aviva in the first announced bulk annuity deal of 2020.
Pension Insurance Corporation (PIC) insured £7.2bn of scheme liabilities over the course of 2019, recording more new business than in any year prior.
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.
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.