Pensions Expert - Pensions Expert pensions-expert.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pensions-expert.com Daily Mail and Mail on Sunday newspapers.
By Susanna Rust2021-06-01T10:36:00+01:00
A UK pension scheme of travel agency company TUI has agreed two pension risk transfer transactions for £794m (€921m) with Legal & General Assurance Society Limited.
The deals comprise a £610m partial buy-in for the BAL section of the TUI Group UK Pension Trust, and a £184m full buy-in for the TAPS section of the scheme. There are three pension sections within the scheme.
Mike Roberts from PAN Trustees, chair of the trustee board, said the transaction had concluded at attractive pricing, closing the gap to being fully funded and providing increased security of benefits for members of the scheme.
Two de-risking deals for a combined £251m were announced today, comprising the first conversion of a Legal & General Assured Payment Policy and a buy-in
Pfizer affiliate vaccinates U.K. plan with second buy-in
BLOOMBERG
Wyeth Group Pension and Life Assurance Scheme (1997), Sheffield, England, completed a £190 million ($268 million) buy-in with Aviva, confirmed Suthan Rajagopalan, risk transfer partner at Mercer.
Mercer acted on behalf of the pension plan trustees.
The deal covers just less than 50% of total liabilities. The £450 million pension fund, which is sponsored by Pfizer Group affiliate John Wyeth & Brother, has now insured close to all defined benefit liabilities through the latest buy-in and a £158 million risk transfer deal with Just Group in 2018, Mr. Rajagopalan said in an email. This is another important step for the scheme and wider group as we seek to secure members benefits and reduce the risk exposures of our pension arrangements, Patrick McKenna, senior director international pensions at Pfizer, said in a news release by Aviva. Aviva put forward attractive pricing and innovation proposals to address a c