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Visteon buys annuity to dump $350 million in pension liabilities
trueVisteon Corp., Van Buren Township, Mich., purchased a group annuity contract from Prudential Insurance Co. of America to transfer about $350 million of the company's $1.1 billion in U.S. pension liabilities, spokesman Jim Fisher said.
Merchant Navy Officers completes pension buyout
trueMerchant Navy Officers Pension Fund entered into a £25 million ($43 million) deal with Rothesay Life to complete a £1.3 billion pension buyout that started in 2009 to transfer 100% of the liabilities of its Old Section pension plan.
BT Pension Scheme strikes record risk transfer deal
trueBT Pension Scheme, London, has entered into the largest longevity risk transfer deal, covering £16 billion ($27.4 billion) of liabilities in an arrangement that also saw the fund set up a wholly owned insurance company, said a fund spokeswoman.
NCR Corp. makes lump-sum offer for U.S. retirees
trueNCR Corp. announced on Tuesday it will make a voluntary lump-sum offer to about 20,000 U.S. retirees.
Oil company Total completes £1.6 billion pension buy-in
trueTotal U.K. Pension Plan, London, completed a £1.6 billion ($2.7 billion) buy-in with Pension Insurance Corporation.
Mercer: Pensions funds seek to offload liabilities in pieces
truePension funds looking to offload risk will parcel up their liabilities into “bite-sized chunks,” according to Mercer.
Alcatel-Lucent plans voluntary lump-sum offer in 2015
trueAlcatel-Lucent plans to make a voluntary lump-sum offer in 2015 to about 45,000 U.S. retirees and former employees vested in its U.S. defined benefit pension funds, according to a 6-K filing with the SEC.
Executives split over possible pension risk transfer crunch
trueA growing number of large pension risk transfer deals in the U.K. and U.S., coupled with an anticipated influx of deals across both markets, have left industry executives split over the potential for a capacity crunch.
Corporate pension plans slow to adopt derisking
trueMany corporations have not moved to derisk their pension plans, leaving them vulnerable to widening funding deficits if equity markets and interest rates decline, according to asset management strategists.
Pensions rule changes to increase market capacity
trueWhile executives working in the risk transfer market argue over whether a capacity crunch is approaching, they agree on one thing: Recent changes to the U.K. pensions market could encourage new players to the bulk annuity market.
FremantleMedia does £47 million pension buy-in
trueFremantle Group Pension Plan, London, has completed a pension insurance buy-in with Pension Insurance Corp., said Mark Riddleston, group finance director at FremantleMedia.
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.
Aviva agrees to $8.4 billion longevity swap for its pension fund
trueAviva PLC, London, agreed to the largest ever longevity swap for its defined benefit Staff Pension Scheme, transferring the risk of 19,000 members to three reinsurers.
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.
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.