Zurich
BBC enters £3bn longevity swap with Zurich and Canada Life
The BBC Pension Scheme has completed a £3bn longevity swap deal with Zurich and Canada Life Reinsurance, covering the risk of pensioner and dependent members.
Five stories you may have missed this week
This week’s top stories included UBS’ completion of a £1.4bn longevity swap with Zurich and Canada Life, while chancellor Rishi Sunak announced the government’s Kickstart Scheme as part of provisions outlined in the Summer Statement.
UBS completes £1.4bn longevity swap with Zurich and Canada Life
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.
Five stories you may have missed this week
This week’s top stories included the Financial Conduct Authority saying there is a “significant risk of harm” in the long-term savings market caused by pension freedoms, and Standard Life and Zurich publishing their latest independent governance committee...
Standard Life and Zurich unveil IGC reports
Standard Life and Zurich have published their latest independent governance committee (IGC) reports – posting overall green and amber value-for-money assessments respectively.
Zurich insures £800m of FTSE 100 scheme longevity risk
Zurich has agreed to insure £800m of longevity risk for the pensioners of a FTSE 100-sponsored pension scheme.
Bulk annuity market breaks yet another record with £17bn of first half deals
Around £17.5bn of buy-ins and buyouts were transacted in the first half of the year as market records continue to tumble.
Thousands of savers face a pension shortfall, warns Zurich
Thousands of savers taking tax-free lump sums ahead of retirement are at risk of a pensions shortfall in later life due to neglecting their remaining pot, Zurich has warned.
'Sterling will suffer in the short term': Inflation unchanged at 2.4% in June
Sterling has fallen on the back of inflation figures released this morning, which show the UK Consumer Price Index (CPI) remained steady at 2.4% in June.
Retirees 'risk draining' pension pots by 'ignoring' market volatility
Some 41% of people in drawdown are not adjusting their pension income levels to account for stock market volatility, analysis by Zurich has found.
Inflation holds steady at 2.4% in May
UK inflation stuck at 2.4% in May, missing analysts' estimates of a move higher and further cooling expectations on an interest rate hike from the Bank of England this summer.
Incoming Zurich CEO named first woman chair of ABI
First woman in its 100-year history
National Grid completes £2bn longevity swap
The National Grid Electricity Group has completed an intermediated longevity swap with Zurich for the Electricity Supply Pension Scheme (ESPS).
Third of drawdown users are first-time investors but many don't seek advice
A third of drawdown users lack any investment experience but many of those do not seek any financial guidance or advice, Zurich research finds.
Zurich names first head of longevity risk transfer
Greg Wenzerul has been appointed Zurich's first head of longevity risk transfer, as it seeks to grow its business in the market.
Women in drawdown face being 37% worse off in retirement than men
Women using drawdown can expect to receive £47,000 less in their pension pot over a typical 20 year retirement period, according to Zurich.
Scottish Widows targets 'jumbo schemes' after Zurich acquisition
Scottish Widows has enhanced its workplace savings offering in a bid to appeal to larger schemes with more flexible products following its acquisition of Zurich Corporate Savings.
AE could 'give gig economy workers £75,000 pots'
Extending auto-enrolment (AE) to workers in the gig economy could grant them a lump sum of £75,600 at retirement, Zurich and Pensions Policy Institute (PPI) research suggests.
UPDATED: Scottish Widows to buy Zurich's £15bn workplace pensions business
Lloyds Banking Group has agreed to acquire Zurich's UK workplace pensions and savings business, which has assets under administration of more than £15bn and around 500,000 customers.
Buy-in demand to hit £50bn p/a by 2032; De-risking deals total £5.1bn in H1
Defined benefit (DB) schemes will offload around £700bn of liabilities to insurers over the next 15 years, latest analysis by Hymans Robertson has suggested.
Xafinity hires Zurich director to lead National Pension Trust
Xafinity has made Dave Hodges head of the National Pension Trust to help grow the master trust's proposition.
Providers need to update default solutions post-freedoms
Default solutions need to be amended to take account of the changing use of funds at retirement since Freedom and Choice was introduced, Zurich has said.
General Election 2017: The pensions manifesto the industry wants to see
With political parties drawing up their manifestos for the snap general election, James Phillips explores the industry's greatest desires for the future of pensions
Hargreaves Lansdown to offer LISA on first day possible
Hargreaves Lansdown may be the first provider to offer the lifetime ISA (LISA) as it plans to launch the product on the first day possible.
