Pension buyouts

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  1. BCE longevity swap harbinger of deals to come

    trueBCE Inc. this month announced it would transfer pension liabilities in a longevity insurance swap in what sources said was the first such move by a corporate defined benefit plan outside of the U.K. and could be a harbinger of similar moves among large DB plans in Canada.

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  1. GAO report calls for more disclosure to participants in lump-sum offers

    trueU.S. corporate defined benefit plan participants need to be given better information when offered a window to accept lump-sum payments to replace their lifetime benefits, a report from the Government Accountability Office said.

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  2. Kimberly-Clark enters into pension buyout, reduces $2.5 billion in liabilities

    trueKimberly-Clark Corp. announced Monday it has purchased group annuity contracts from Massachusetts Mutual Life Insurance Co. and Prudential Insurance Co. of America to transfer defined benefit plan benefits of about 21,000 U.S. retirees.

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  3. Hospira pays $22 million in lump sums to former employees

    trueHospira Inc., Lake Forest, Ill., in the fourth quarter paid out $22 million in lump sums to former employees participating in one of its U.S. defined benefit plans who have yet to retire, the company announced Thursday in its 10-K filing.

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  4. Celanese reveals $143 million in lump-sum payments

    trueCelanese Corp. made $143 million in lump-sum payments to terminated vested participants in its U.S. defined benefit plan who have yet to retire.

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  5. Lockheed Martin removes $529 million in PBO through lump-sum payments

    trueLockheed Martin Corp. settled more than $500 million in projected benefit obligations in its U.S. defined benefit plans through lump-sum payments to terminated vested participants.

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  6. ScottishPower completes longevity swap for pension fund

    trueScottishPower U.K. PLC completed a longevity insurance swap with Abbey Life Assurance Co., a Deutsche Bank subsidiary, for its ScottishPower Pension Scheme.

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  7. Intercontinental Exchange reports 34% acceptance rate on lump-sum offer

    trueIntercontinental Exchange Inc. reported in its 10-K filing with the Securities and Exchange Commission on Thursday that about 34% of certain terminated vested participants in its U.S. defined benefit plans accepted the company's lump-sum offer.

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  8. Ryder System settles 12% of pension obligations on accepted lump-sum offers

    trueRyder System Inc., Miami, settled about 12% of its U.S. defined benefit plan obligations after about 60% of former employees accepted a lump-sum payment offer in the fourth quarter.

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  9. Mercer: Pension annuity buyout premium decreases relative to liability

    trueThe average cost of a defined benefit plan purchasing a group annuity contract from an insurer fell to 105.3% of the assets being transferred in December, the latest Mercer U.S. Pension Buyout Index said.

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  10. Timken Co. completes annuity buyout with Prudential to reduce liabilities by $600 million

    trueTimken Co., Canton, Ohio, announced on Thursday it has purchased a group annuity contract from Prudential Insurance Co. of America to pay future benefits for about 5,000 U.S. retirees.

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  11. NCR Corp. agrees to partial pension buyout with Principal Life Insurance

    trueNCR Corp. announced Wednesday it has purchased a group annuity contract from Principal Life Insurance Co. to transfer about $160 million in pension liabilities, representing 4,500 retirees receiving benefits from its pension fund.

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  12. TRW Automotive Holdings agrees to annuity buyout with MetLife for U.S. retirees

    trueTRW Automotive Holdings Inc., Livonia, Mich., purchased a group annuity contract from MetLife Inc. in a $440 million transaction to provide pension benefits to more than 7,000 TRW retirees and beneficiaries.

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  13. TRW completes largest U.K. buyout to date with L&G

    trueThe TRW Pension Scheme, Solihull, England, agreed to a £2.5 billion ($3.9 billion) partial buyout with Legal & General Assurance Society, forming part of a year-long risk transfer project, said David Ellis, U.K. head of bulk pensions insurance at Mercer, the lead adviser to the trustee.

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