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RISK MANAGEMENT

TP ICAP secures annuity buyout covering pension fund

Interdealer broker TP ICAP PLC agreed to a £270 million ($349.5 million) bulk annuity deal for the Tullett Prebon Pension Scheme, London, with Rothesay Life.

The deal covers longevity, investment and other risks associated with long-term liabilities from benefits already in payment and deferred, with the trustees of the fund moving “to a fully derisked position,” said a news release by Rothesay Life.

A separate news release by sponsoring employer TP ICAP said Rothesay Life was chosen following a competitive process, and is the latest step in strengthening the broker’s balance sheet.

“I’m delighted to have been able to help the trustees secure a deal that not only derisks the group’s balance sheet, but also protects the long-term retirement savings of our pension scheme’s members,” said Andrew Baddeley, chief finical officer at TP ICAP, in the broker’s release.

As of Dec. 31, 2015, the defined benefit fund had £289.8 million in assets and liabilities of £201.6 billion. Further details could not be learned by press time. A spokesman for TP ICAP could not be reached for comment.