Arconic Corp. agreed to purchase a group annuity contract to transfer about $1 billion in U.S. qualified pension plan liabilities.
Consultants anticipate that 2021 will be another strong year when it comes to U.K. companies offloading pension risk.
J.C. Penney purchased a group annuity contract to transfer about $2.8 billion in pension liabilities to complete the plan termination.
Centrus Energy Corp., Bethesda, Md., purchased a group annuity contract to transfer about $30 million in pension plan asset and liabilities.
Civil Aviation Authority Pension Scheme has insured $152 million in liabilities through a buy-in with Legal & General.
U.S. corporate pension plan buyout sales rose to $13.7 billion in the fourth quarter, a 21% increase over the same period in 2019.
Kemper Corp. completed pension risk transfer transactions that cut its liabilities by nearly half.
Lockheed Martin completed pension buyout and buy-in transactions totaling $2.2 billion through the purchase of two group annuity contracts.
Unisys Corp. entered into an agreement to purchase a group annuity contract to transfer about $280 million in U.S. pension plan assets.
Pension funds transferred $14.5 billion in liabilities through deals announced in December.
BBC Pension Scheme completed a $4 billion longevity swap with Zurich and Canada Life Reinsurance.
The Aon Retirement Plan insured $675 million in liabilities through a buy-in transaction with Scottish Widows.
WestRock Co. will freeze its remaining salaried and non-union hourly pension plan participants to future benefit accruals effective Dec. 31.
Smiths Industries Pension Scheme insured £146.5 million ($193 million) in a buy-in with Canada Life.
U.S. corporate pension plans remain eager to transfer risk after a pause in the market resulting from the COVID-19 pandemic.
The Pension Benefit Guaranty Corp. is taking over J.C. Penney Co.'s defined benefit plan, following the company's May 15 bankruptcy filing.
BHS Senior Management Scheme completed a $3 million bulk annuity deal with Legal & General Assurance Society.
Kemper Corp. purchased group annuity contracts from insurers and offered a lump sum to participants in its pension plan in October.
Newell Brands purchased a group annuity contract to transfer $155 million to $160 million in U.S. pension plan liabilities.
Unisys Corp. plans to transfer about $1 billion in global pension plan liabilities over the next six months.
The Old British Steel Pension Scheme agreed to a $2.6 billion buy-in with Pension Insurance Corp., with a buyout expected in 2021.
The Pension Benefit Guaranty Corp. assumed responsibility for the pension plan of The McClatchy Co., following its February bankruptcy.
Siemens Benefits Scheme completed a $692 million buy-in with Legal & General Assurance Society.
Arconic Corp. purchased a group annuity contract from an insurer to transfer about $250 million in U.K. pension plan liabilities.
3i Group Pension Plan insured $786.2 million in liabilities through a buy-in with Legal & General Assurance Society.