buyout

Top stories on PP this week have included a potential £2bn windfall for sponsors, a complex £2.5bn buyout, a government U-turn on freedom and choice and calls for a drawdown fee cap. Here's what you might have missed.

The TRW Pension Scheme has secured a £2.5bn pensioner buyout with Legal & General (L&G) after a year-long liability management project involving pension increase exchange (PIE) and enhanced transfer value (ETV) exercises.

The total value of annual bulk annuity deals is predicted to reach a "new normal" of over £10bn after volumes doubled within two years, according to LCP.

CTL Engineering has secured a buyout of its pension scheme that has allowed the manufacturing firm to be sold.

Punter Southall has appointed Colette Christiansen to the newly-created position of head of de-risking solutions in a bid to increase its presence in the bulk annuity advice market.

Legal & General (L&G) has reported record bulk annuity numbers which it said had "more than offset" a 61% drop in sales of traditional annuity policies since the Budget reforms were announced.

Overestimates on populations may have led to schemes overspending on buyouts.

Scheme sponsors may have overspent on buyout contracts as a result of irregular mortality data, the Pensions Institute (PI) has warned.

Panasonic has completed a deal with Rothesay Life to buyout its UK scheme using a deferred premium structure.

PwC has signed up the majority of insurers involved in the bulk annuity market to its Skyval Insure platform in a bid to make pricing easier for corporates and trustees.