The government is making it easier for well-funded DB schemes to release surplus, when ‘safe to do so’, and trustees will need to set out their proposed approach to surplus extraction as part of their statement of strategy. As we weigh up this crucial issue of ‘safety’, let’s look to the insurance market to consider how DB schemes might run on and extract surplus for now, while preparing to pivot to buyout if needed.
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Global travel firm Tui has agreed two buy-ins worth a total of £794m with Legal & General (L&G) Assurance Society, insuring two sections of the Tui Group UK Pension Trust.
The Civil Aviation Authority (CAA) and Sydney Packett & Sons have agreed bulk annuity deals for their pension schemes with Legal & General (L&G) respectively.
After a decade of de-risking, there is still more to do, particularly for those schemes late to the hedging party, writes James Phillips.
The Mowlem (1993) Pension Scheme has secured the benefits of around 1,000 members in a buyout with Legal & General (L&G) offering income above compensation levels.