Bulk annuities

Global travel firm Tui has agreed two buy-ins worth a total of £794m with Legal & General (L&G) Assurance Society, insuring two sections of the Tui Group UK Pension Trust.

The majority of sub-£250m schemes plan to achieve a buyout as their scheme’s endgame even if pricing opportunities are not necessarily in their favour, Mercer research finds.

The Nortel Networks UK Pension Plan has agreed a further £105m buyout with Legal & General (L&G), topping up the benefits agreed in a prior deal.

The defined benefit (DB) scheme of Shepherd Foods (London) has completed a £3m buyout with Aviva, insuring the benefits of 13 pensioner and deferred members.

Pension Insurance Corporation (PIC) concluded £5.6bn on bulk annuities in 2020 after recording just over £2.1bn in the second half of the year.

Just Group completed 23 buy-in and buyout transactions at a total volume of £1.5bn over the course of 2020, according to its annual results.

Legal & General saw flat movements in operating profit over the course of 2020, and a fall in profit after tax, although its retirement and investment management businesses grew.

The Civil Aviation Authority (CAA) and Sydney Packett & Sons have agreed bulk annuity deals for their pension schemes with Legal & General (L&G) respectively.

Phoenix Group completed £2.5bn of buy-ins and buyouts over the course of 2020, including a bulk annuity deal with one of its own schemes.

Aviva secured record net flows of £8.5bn into its saving and retirement products in 2020, while bundled workplace assets under management grew by 14% to £81bn, its annual results reveal.