The trustees of the WYG scheme have agreed with the sponsor to de-risk its remaining liabilities with the aim of reaching a full buyout next year.
The impact of Solvency II on bulk annuity pricing will be limited, but schemes with generous options could see hefty increases, finds Jack Jones
Increased insurer competition, greater regulatory certainty and easier access to capital could boost the bulk annuity market 50% next year, according to a report from LCP.
The Smiths Group has cut contributions to the Smiths Industries Pension Scheme (SIPS) by 60% after a dramatic improvement in funding levels allowed trustees to de-risk its investments.
Royal Philips has completed a £2.4bn buy-in with Pension Insurance Corporation (PIC) that will enable it to wind up its scheme following earlier transactions to insure almost £1bn in benefits.
Mercer has launched a service to give clients up to date buy-in and buyout pricing based on their scheme's data.
The Trigon Snacks Pension Scheme, a hybrid arrangement which had been in Pension Protection Fund (PPF) assessment, has completed a buyout with Legal and General (L&G).
A 57% slump in individual annuity sales at Just Retirement has been largely offset by a rapid expansion of its buy-in and buyout business, according to the insurer's latest results.
Anna Rogers - the former Mayer Brown partner who co-founded ARC Pensions in June - hopes her new boutique pensions law firm will expand to 20 lawyers.
Employers could have to pay up to 10% more to buy out pension schemes after Solvency II regulations for insurers come in next year, says PwC.