All Bulk annuities articles – Page 12
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Bulk annuity market to reach £540bn in next decade
On the go: The bulk annuity market is expected to quadruple in the next decade compared with the current one, which saw £135bn paid to insurers, according to estimates from Mercer.
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Schemes’ endgame decisions could be hit by IFA shortage
Pension schemes using enhanced transfer value exercises as a way to reach an endgame solution could soon see their journey delayed, as new rules coming into the advice sector are reducing the defined benefit transfer market.
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Micro-buyout specialist announces first deal for textile merchant
On the go: A textiles company from Bradford has successfully achieved a buy-in for £9.3m of its defined benefit liabilities with Canada Life after an auction with three bulk annuity insurers.
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Aegon staff scheme completes £144m buy-in
On the go: The Aegon UK Staff Retirement and Death Benefit Scheme has completed a £144m buy-in with Phoenix Group.
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Regulator under fire for insurance supervision
On the go: The Prudential Regulation Authority has been criticised over its supervision of the insurance sector, and in particular the proposed transfer of £12bn of annuities by Prudential to Rothesay Life.
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Aviva staff scheme completes first buy-in
On the go: Aviva Life & Pensions UK has completed a £1.7bn bulk annuity buy-in of the Aviva Staff Pension Scheme.
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Asda enters mammoth buy-in ahead of possible float
On the go: UK supermarket chain Asda has offloaded £3.8bn of its defined benefit liabilities in a buy-in with Rothesay Life.
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Trustees unconvinced on lifetime mortgage backing
Data crunch: Lifetime mortgage providers are hoping to tap into pension fund capital to fuel market expansion, but a combination of limited expertise, social risks and maturing defined benefit liabilities are holding trustees back.
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Allied Domecq scheme in monster buy-in
On the go: The Allied Domecq Pension Fund has entered into a buy-in arrangement worth £3.8bn with Rothesay Life, the second multibillion pound bulk annuity transaction in a week.
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Electricals scheme agrees UK’s largest ever buyout deal
On the go: Rothesay Life has agreed the largest buyout ever undertaken in the UK, with £4.7bn of assets and liabilities transferring to it from the GEC 1972 Plan.
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Tate & Lyle completes £930m buy-in with L&G
On the go: The Tate & Lyle Pension Scheme has completed a £930m buy-in with Legal & General Assurance Society.
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Capital adequacy dispute threatens superfunds
Disagreement between the government and regulators has cast a question mark over the future of the UK’s defined benefit commercial consolidators.
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Just Group sets its sights on derisking DB giants
On the go: Insurer Just Group is attempting to increase its presence in the bulk annuity market by partnering with external providers of capital backing.
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Cadbury completes £520m buy-in with Rothesay Life
On the go: The Cadbury Mondelēz Pension Fund has completed a £520m buy-in with Rothesay Life covering payments for 1,900 pensioners.
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LCP: Buyout deals more than double in 12 months to £34bn
On the go: The momentum in pension buy-ins and buyouts continues unabated, with a record £34bn of deals completed over the year to June 30 2019.
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PIC de-risking reaches £6bn in H1 with £40bn in pipeline
On the go: The Pension Insurance Corporation has completed nine de-risking transactions totalling £6bn in the first half of 2018, a record for the company with a pipeline of new business of more than £40bn.
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Smiths Industries completes £176m bulk annuity transaction
On the go: The £3bn Smiths Industries Pension Scheme has completed a £176m bulk annuity with Canada Life – its second transaction of this kind with the insurer.
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Rumours of buyout for British Steel scheme
On the go: Trustees of the British Steel Pension Scheme are mulling a full buyout of the rescued scheme, according to reports from Sky News.
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DB continues to mature as 73% cash flow negative
On the go: Almost three out of every four defined benefit schemes in the UK are now cash flow negative, according to consultancy Mercer’s 2019 asset allocation survey.
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PIC hails record reinsurance availability
On the go: Bulk annuity provider Pension Insurance Corporation has secured a record-breaking £7bn of reinsurance to date in 2019.