Deal insures liabilities for 277 members of the flavour and fragrance manufacturer scheme
Insurers are being pressed to offer bulk annuities to a wider range of scheme sizes
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.
Legal & General (L&G) has completed a £55m full scheme buy-in with the Chartered Insurance Institute (CII) Pension Scheme.
The Association of British Insurers (ABI) Pension & Assurance Scheme has insured benefits for 191 members in a £26m buy-in with Aviva.
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.