Pension buyouts

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  1. L&G, Prudential team up on largest U.K. pension buy-in

    trueICI Pension Fund entered into separate pension buy-in transactions with Legal & General and Prudential U.K. and Europe to insure an aggregate £3.6 billion ($6 billion) of pension liabilities through bulk annuity deals.

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  1. McCormick completes voluntary lump-sum program, paying about $63 million

    trueMcCormick & Co. Inc. announced on Wednesday it completed its voluntary lump-sum program for certain former employees in the fourth quarter of its fiscal year 2013.

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  2. AstraZeneca's U.K. pension fund secures £2.5 billion longevity swap

    trueAstraZeneca Pension Fund Trustee, Cheshire, England, has entered into a £2.5 billion ($4.1 billion) longevity swap with Deutsche Bank, confirmed Matt Wilmington, partner at Aon Hewitt, the lead adviser to the fund.

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  3. U.K. pension fund longevity swap deals timeline

    trueNotable U.K. pension fund longevity swap deals since 2010.

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  4. Mercer: Buyout vs. economic cost of pension funds at smallest margin in 2013

    trueThe cost of purchasing annuities from an insurer decreased to 108.3% of the value of transferred liabilities in October from 108.9% the previous month, according to Mercer’s U.S. Pension Buyout Index.

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  5. More pension liability offloading by corporate plans expected

    trueVastly improved funding of corporate defined benefit plans should lead to more pension buyouts and lump-sum offers like the deal announced on Nov. 13 by SPX Corp., Charlotte, N.C.

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  6. NCR Corp. to wind up U.K. pension plan in $1 billion buyout

    trueNCR Corp., Duluth, Ga., announced on Tuesday it has entered into an annuity buyout agreement with Pension Insurance Corp. for the defined benefit pension fund for NCR Ltd., its U.K. subsidiary.

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  7. SPX offloads $800 million in pension risk; MassMutual to take portion in buyout

    trueSPX Corp., Charlotte, N.C., entered into an annuity buyout contract with Massachusetts Mutual Life Insurance Co., confirmed Ryan Taylor, director of investor relations.

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  8. Corporate pension execs wary of derisking fallout

    trueCorporate executives are bracing for regulatory judgment calls on how they handle derisking through lump-sum payments and annuity purchases, lobbyists say.

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  9. Pension buyouts expected to surge — but not yet

    truePension buyouts have been in a lull so far in 2013, but insurers and consultants expect a rush by corporate defined benefit plans in the next several years.

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  10. U.K. hotel group completes pension buyout

    trueInterContinental Hotels Group PLC has completed a buyout of its U.K. pension fund with Rothesay Life.

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  11. Canadian regulator: Pension funds should understand risk of swap contracts

    trueCanada's Office of the Superintendent of Financial Institutions on Thursday said it expects administrators of all federally regulated pension funds in Canada to understand the risks involved in entering into insurance or swap contracts.

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  12. Pension buyouts might increase risk for plan, report finds

    truePurchasing a pension buyout for retirees might increase risk for the pension fund and result in greater costs to the company than the premium paid to an insurer, according to a report from J.P. Morgan Asset Management.

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  13. Judge dismisses suit over Verizon buyout

    trueA federal judge on Monday dismissed a suit by Verizon Communications Inc. management retirees contesting the company's decision to purchase a group annuity contract from Prudential Insurance Co. of America.

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