PENSION RISK TRANSFER
Nearly 90% of U.S. corporations with defined benefit plans look to fully transfer all their liabilities in an average of just four years, a MetLife poll showed.
Northern Bank Pension Scheme completed a $352 million pension buy-in with M&G, which also completed its own buy-in with Prudential Assurance Co.
Cable and Wireless Superannuation Fund purchased a group annuity contract to secure a fourth and final pension buy-in transaction worth $364 million.
As more pension plans look to shift their pension liabilities, the Labor Department is reviewing its guidance on pension risk transfers.
ITB Pension Funds purchased a group annuity contract from insurer Just Group for a fifth and final pension buy-in transaction for its Open Fund.
Sandy Spring Bancorp Inc. purchased a group annuity contract from Principal Life Insurance Co. to complete the termination of its pension plan.
Pension risk transfers in the U.S. and U.K. are on track to reach record levels in 2023, according to Legal & General Group's latest report.
AAR Corp. has purchased group annuity contracts from American National Insurance Co. to complete the termination of its pension plan.
U.S. pension risk transfer sales totaled $16.2 billion in the second quarter, up from $6.3 billion in the previous quarter.
U.S. pension risk transfer premiums among the most competitive bidding processes rose slightly in July to remain above 100%, a Milliman study showed.
