pension buy-in

The longevity swap, longevity reinsurance and pension risk transfer market continues to grow, with £30 billion of pension risk transfers undertaken year-to-date with almost £22 billion of these consisting of longevity swap deals, according to Aon Hewitt.

Aon Hewitt, the retirement product unit of insurance and reinsurance broker Aon, highlights the growing pension risk settlement and longevity risk transfer market in its latest report, saying that overall the market is already at a record level in 2014.

Hannover Re was the reinsurance firm sitting behind the £1.6 billion pension buy-in we reported yesterday, between specialist insurer of defined benefit pension funds Pension Insurance Corporation (PIC) and oil company Total’s UK pension plan.

Specialist insurer of defined benefit pension funds Pension Insurance Corporation (PIC) has completed another large pension risk transfer, taking on £1.6 billion of pensioner liabilities including longevity risks, from oil company Total’s UK pension plan.

Rothesay Life, a leading UK pension risk transfer specialist life insurer and provider of bulk annuities, has completed a pension risk transfer transaction for the Philips Pension Fund, taking on a portion of its liabilities including longevity risks.

Rothesay Life, a leading UK pension risk transfer specialist life insurer which owner Goldman Sachs intends to sell a majority stake in, has completed another pension risk transfer transaction. The £280m bulk annuity transaction sees Rothesay Life take on more pension plan risk including covering longevity.

The Canadian Wheat Board (CWB) has entered into a $150m transaction with Sun Life Assurance Company of Canada, a subsidiary of Sun Life Financial Inc., to transfer investment and longevity risk from CWB’s defined benefit pension plan to Sun Life. It is the first inflation-linked pension risk transfer deal of its kind in Canada.

Pension Insurance Corporation, a UK-based specialist provider of insurance solutions for defined benefit pension funds, has announced the completion of a pension buy-in transaction for UK children’s charity the National Society for the Prevention of Cruelty to Children (NSPCC). The transaction protects the NSPCC pension scheme from risks such as longevity, inflation and investment on […]

Lane Clark & Peacock LLP (LCP) have announced that they advised UK home and general merchandise retailed Home Retail Group in a £280m pensioner buy-in transaction for their pension scheme which saw them de-risk by transferring their liabilities to insurers.

CAMRADATA Analytical Services have announced the launch of a pension risk transfer product database aimed at U.S. defined benefit plans and sponsors. It aims to provide a transparent view of the insurance options available to allow pension schemes to transfer risks, including pension buy-in and buy-outs.