Defined benefit (DB) schemes that provide GMPs must revisit and, where necessary, top-up historic cash equivalent transfer values (CETVs) that have been calculated on an unequal basis, a landmark court judgment said last week.
The Reckitt Benckiser Pension Fund has secured a £415m buy-in with Scottish Widows, insuring the benefits of around half of pensioners.
Pension professionals have called on The Pensions Regulator (TPR) to adopt a more pragmatic approach to regulation as the impact of Covid-19 hits defined benefit (DB) schemes and sponsors.
The Marathon Service (GB) Limited Pension and Life Assurance Scheme has completed a £610m full buy-in with Rothesay Life, covering the benefits of more than 1,400 members.
The UBS (UK) Pension and Life Assurance Scheme has hedged the longevity risk of around half its defined benefit (DB) liabilities through a £1.4bn longevity swap completed with Zurich and Canada Life Reinsurance.
The Co-operative Pension Scheme (Pace) has agreed its third buy-in this year, insuring £400m of liabilities in the Co-operative Bank section of the scheme with Pension Insurance Corporation (PIC).
Multinational communication services giant WPP has completed a £250m buy-in for two of its pension schemes with Pension Insurance Corporation (PIC) as the insurer celebrated a “healthy pipeline” of deals amid the Covid-19 outbreak.
The Co-operative Pension Scheme (Pace) has agreed a £1bn buy-in with Pension Insurance Corporation (PIC), insuring benefits for around 7,000 members.
The Electricity North West Group of the Electricity Supply Pension Scheme (ESPS) has invested in an £805m pensioner buy-in with Scottish Widows.
The British American Tobacco (BAT) UK Pension Fund has completed a £3.4bn buy-in with Pension Insurance Corporation (PIC), the largest buy-in transaction including pensioner and deferred members.
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
A landmark ruling in the European Court of Justice means the PPF must now revisit how it calculates members' benefits. James Phillips explores the impact.