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Legal & General completes largest ever UK bulk annuity

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idpickering
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Legal & General completes largest ever UK bulk annuity

#166011

Postby idpickering » September 13th, 2018, 7:11 am

Legal & General Group Plc ("Legal & General") today announces that it has completed a £4.4 billion buy-in for British Airways PLC's pension scheme, Airways Pension Scheme ("APS"), covering nearly 22,000 pensioners. This is the largest ever bulk annuity policy arranged with a UK pension scheme and also included the conversion of existing longevity insurance into a bulk annuity.


https://www.investegate.co.uk/legal---3 ... 00086568A/

Alaric
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Re: Legal & General completes largest ever UK bulk annuity

#166055

Postby Alaric » September 13th, 2018, 11:30 am

idpickering quoting news about Legal & General Group Plc wrote: This is the largest ever bulk annuity policy arranged with a UK pension scheme and also included the conversion of existing longevity insurance into a bulk annuity.


They've got something of a near monopoly on the specialist market of taking annuity liabilities off pension funds that don't want the longevity and investment risks. Perhaps not being as risk adverse as some of their competitors would have helped.


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