Bulk annuity transactions, buyout & buy-in

Date Scheme / Company Price £m Type Insurer
March- 21 Civil Aviation Authority Pension Scheme 110 Buy-in L&G
March-21 Reach plc 120 Buy-in Rothesay
Feb-21 Deutsche Bank 570 Buy-in L&G
Feb-21 Mowlem (1993) Pension Scheme 150 PPF+ L&G
Jan-21 Aberdeen City Council (LGPS) 510 Buy-in Rothesay
Jan-21 L&G Group UK Senior Pension Scheme 400 Assured Payment Policy (APP) L&G
Jan-21 Evonik 544 Buy-in L&G
Jan-21 Marie Curie 30 Buy-in L&G
Dec-20 Aon Retirement Plan 510 Buy-in Scottish Widows
Dec-20 Maersk Retirement Benefit Scheme 1,100 Buy-in L&G
Dec-20 Homestyle 2007 Pension Scheme 103 Buyout Aviva
Dec-20 National Grid 800 Buy-in Rothesay Life
Nov-20 Smiths-Group 146 Buy-in Canada Life
Nov-20 M&S 360 Buy-in Phoenix
Nov-20 M&S 400 Buy-in Aviva
Nov-20 Aviva Staff Pension Scheme 875 Buy-in Aviva
Nov-20 Baker Hughes 100 Buy-in Just
Oct-20 Old British Steel 2,000 Buyout PIC
Oct-20 Ibstock Pension Scheme 340 Buy-in Just
Sep-20 Ti Group Pension Scheme 142 Buy-in Aviva
Aug-20 RockRose (Marathon Service (GB)) 610 Buyout Rothesay Life
Aug-20 Siemens 530 Buy-in L&G
Aug-20 Hitachi 275 Buyout L&G
Aug-20 ICI 70 Buy-in L&G
Aug- 20 Littlewoods 930 Buyout Rothesay Life
June- 20 Countrywide Farmers 100 PPF+ L&G
June- 20 Undisclosed 220 Buyout Aviva
June- 20 IPC Media Pension Scheme 290 Buy-in Rothesay Life
June- 20 LV= Employee Pension Scheme 800 Buy-in Phoenix
June-20 General Healthcare Group Pension and LA Plan 150 Buy-in Aviva
May-20 Undisclosed 120 Buy-in Aviva
May- 20 Undisclosed 240 Buy-in Aviva
May-20 IHS Markit - UK Scheme 38 Buyout L&G
May-20 British Bankers' Association Pension Scheme 95 Buy-in Aviva
May-20 3i Group Pension Plan 650 Buy-in L&G
May-20 Co-operative Pension Scheme (Co-op Section) 350 Buy-in Aviva
Apr-20 Leonardo Electronic Pension Scheme 160 Buy-in Just Retirement
Apr-20 Co-operative Pension Scheme (Bank Section) 400 Buy-in PIC
Mar-20 Xylem UK Pension Plan 255 Buyout Rothesay life
Mar-20 WPP  250 Buyout PIC
Mar-20 Anonymous 50 Buyout L&G
Mar-20 Undisclosed  415 Buy-in Scottish Widows
Feb-20 Undisclosed 220 Buyout Aviva
Feb-20 Undisclosed 130 Buyout Aviva
Feb-20 Co-operative Pension Scheme (Co-op Section) 1,000 Buy-in PIC
Feb-20 Merchant Navy Officers Pension Fund 1600 Buy-in PIC
Feb-20 AIB (with £250m L&G APP) 850 Buy-in L&G
Jan- 20 Undisclosed 250 Buyout Aviva
Jan-20 Co-operative Pension Scheme (PACE) 1,000 Buy-in Aviva
Dec-19 Castings 72 Buyout Aviva
Dec-19 ESAB 255 Buyout Rothesay Life
Dec-19 Electricity North West (ESPS) 805 Buy-in Scottish Widows
Nov-19 National Grid (Section B) 1,600 Buy-in L&G
Nov-19 Aegon UK Staff Scheme 144 Buy-in Phoenix
Nov-19 Scottish & Southern Energy 750 Buy-in PIC
Nov-19 Aviva's own scheme 1700 Buy-in Aviva
Nov-19 Asda 3800 Buy-in Rothesay Life
Oct-19 National Grid 2800 Buy-in Rothesay Life
Sep-19 Edwards Wildman Palmer LLP 35 Buyout L&G
Sep-19 GEC 1972 Plan 4700 Buyout Rothesay Life
Sep-19 Allied Domecq 3800 Buy-in Rothesay Life
Sep-19 Tate & Lyle 930 Buy-in L&G
Aug-19 Hitachi 49 Buy-in L&G
Aug-19 British American Tobacco 3400 Buy-in PIC
Aug-19 PGL Pension Scheme 1100 Buy-in Phoenix
Aug-19 Cadbury Mondelez 500 Buy-in Rothesay Life
Jul-19 Smiths-Group 176 Buy-in Canada Life
Jun-19 Rolls Royce UK Pension Fund 4600 Buy-in L&G
May-19 Undisclosed 200 Buyout Aviva
May-19 M&S 900 Buy-in PIC
May-19 M&S 460 Buy-in Phoenix
Apr-19 3i Group Pension Plan 95 Buy-in L&G
Apr-19 Commerzbank (Dresdner Kleinwort) 1200 Buy-in PIC
Apr-19 QinetiQ Pension Scheme 700 Buy-in Scottish Widows
Apr-19 Laird Pension Scheme 110 Buyout Rothesay Life
Apr-19 The Bank of America Merrill Lynch UK Pension Plan 400 Buy-in Scottish Widows
Apr-19 Peugeot Advanced Pension Plan 140 Buyout Scottish Widows
Mar-19 Colfax (Howden) 230 Buyout L&G
Jan-19 Pearson 500 Buy-in L&G
Jan-19 Co-op 425 Buy-in PIC
Dec-18 Rentokil initial 1515 Buyout PIC
Dec-18 Undisclosed 260 Buyout Rothesay
Dec-18 Undisclosed 180 Buyout Aviva
Dec-18 Undisclosed 135 Buyout Scottish Widows
Dec-18 Undisclosed 110 Buyout Aviva
Dec-18 Undisclosed 110 Buyout Rothesay
Nov-18 Undisclosed 590 Buyout PIC
Oct-18 Nortel 2400 PPF+ L&G
Oct-18 Undisclosed 550 Buy-in L&G
Oct-18 Undisclosed 175 Buyout L&G
Oct-18 Undisclosed 105 Buyout Rothesay
Sep-18 British Airways 4400 Buy-in L&G
Sep-18 Undisclosed 400 Buy-in Aviva
Sep-18 Undisclosed 390 Buy-in Scottish Widows
Sep-18 Undisclosed 285 Buyout L&G
Sep-18 Undisclosed 280 Buyout Rothesay
Sep-18 Undisclosed 100 Buyout PIC
Aug-18 Hays 271  Buy-in Canada Life
Aug-18 Triplex £180m  Buyout L&G
Aug-18 AA 350 Buy-in Canada Life
Jul-18 BHS 770 Buyout PIC
Jul-18 600 Group 200 Buyout PIC
Jul-18 Undisclosed 105 Buy-in Just
Jun-18 Siemens 1265 Buy-in PIC
Jun-18 PA Consulting 855 Buyout PIC
Jun-18 Undisclosed 200 Buyout Aviva
Jun-18 Undisclosed 195 Buy-in PIC
Jun-18 Undisclosed 160 Buyout Aviva
May-18 Littlewoods 880 Buy-in Scottish Widows
May-18 BAA (Heathrow Airport) 325 Buy-in L&G
May-18 William Hill 180 Buy-in Just
Apr-18 Undisclosed 290 Buy-in Just
Apr-18 Kingfisher 210 Buy-in PIC
Apr-18 Undisclosed 200 Buy-in PIC
Mar-18 M&S 925 Buy-in Aviva
Mar-18 M&S 470 Buy-in Phoenix
Mar-18 Undisclosed 250 Buy-in PIC
Mar-18 Toshiba 170 Buyout Rothesay
Mar-18 Pfizer 160 Buy-in Aviva
Jan-18 Hitachik UK 100 Buy-in Scottish Widows
Dec-17 MNOPF 490 Buy-in L&G
Dec-17 Undisclosed 380 Buy-in Aviva
Dec-17 Undisclosed 180 Buy-in PIC
Dec-17 Undisclosed 130 Buyout Aviva
Dec-17 Undisclosed 110 Buyout Rothesay
Dec-17 Undisclosed 100 PPF+ L&G
Nov-17 Undisclosed 260 Buyout L&G
Nov-17 Undisclosed 210 Buy-in PIC
Nov-17 Undisclosed 180 Buy-in Aviva
Nov-17 Undisclosed 100 Buyout L&G
Nov-17 Undisclosed 100 Buyout Aviva
Oct-17 Dockworkers 725 Buy-in PIC
Oct-17 Pearson 590 Buy-in Aviva
Oct-17 Undisclosed 250 Buy-in L&G
Oct-17 Undisclosed 120 Buy-in Scottish Widows
Sep-17 Pearson 590 Buy-in L&G
Sep-17 Undisclosed 245 Buy-in Just
Sep-17 Smiths Group 210 Buy-in Canada Life
Aug-17 Sea Containers 1983 180 PPF+ Aviva
Jul-17 Plumbers Pension Scheme 570 Buy-in L&G
Jul-17 Undisclosed 450 Buyout Rothesay
Jul-17 Undisclosed 200 Buy-in PIC
Jul-17 Undisclosed 100 Buy-in PIC
Jun-17 Undisclosed 690 Buy-in PIC
Jun-17 Wolseley Group 590 Buy-in PIC
Jun-17 Undisclosed 270 Buy-in L&G
Jun-17 Undisclosed 130 Buyout L&G
Jun-17 Undisclosed 115 Buy-in L&G
May-17 Tullet Prebon Pension Scheme 270 Buyout Rothesay
Apr-17 Undisclosed 100 Buyout Aviva
Mar-17 ICI 260 Buy-in Scottish Widows
Mar-17 Cancer Research 250 Buy-in Canada Life
Mar-17 3i Group Pension Plan 200 Buy-in PIC
Mar-17 Undisclosed 125 Buy-in Just
Mar-17 Pharmacia 100 Buy-in Scottish Widows
Jan-17 TI Group 140 Buy-in PIC
Dec-16 Phoenix Life 1180 Buy-in Phoenix
Dec-16 Land Securities 110 Buy-in Just
Nov-16 Rolls-Royce (Vickers) 1070 Buyout L&G
Nov-16 Undisclosed 460 Buyout L&G
Nov-16 SSE 245 Buy-in PIC
Nov-16 Investec Bank 210 Buyout Aviva
Nov-16 GKN 190 Buy-in PIC
Nov-16 ICI Specialty Chemicals 140 Buy-in PIC
Nov-16 Alcatel-Lucent 105 Buy-in PIC
Nov-16 SSE 100 Buy-in PIC
Oct-16 Smiths Group 250 Buy-in PIC
Oct-16 Undisclosed 120 Buy-in Just
Sep-16 ICI 590 Buy-in Scottish Widows
Sep-16 ICI 380 Buy-in L&G
Sep-16 Undisclosed 150 Buy-in PIC
Aug-16 Pilkington 230 Buy-in PIC
Aug-16 Undisclosed 130 Buy-in Just
Jul-16 ICI 750 Buy-in L&G
Jul-16 Aggregate Industries 135 Buy-in Just
Jun-16 ICI 630 Buy-in Scottish Widows
Jun-16 Undisclosed 160 Buyout L&G
Apr-16 Undisclosed 200 Buy-in Scottish Widows
Mar-16 Aon 890 Buy-in PIC
Mar-16 ICI 330 Buy-in L&G
Dec-15 Kingfisher 230 Buy-in L&G
Dec-15 Siemens (VA Tech) 210 Buyout PIC
Dec-15 Undisclosed 110 Buyout L&G
Nov-15 Philips 2400 Buyout PIC
Nov-15 Wiggins Teape 400 Buy-in Scottish Widows
Nov-15 TKM 300 Buyout Aviva
Oct-15 Undisclosed 180 Buyout PIC
Oct-15 Undisclosed 120 Buy-in Just
Aug-15 ICI Specialty Chemicals 220 Buy-in Prudential
Aug-15 BDP 190 PPF+ PIC
Jul-15 Civil Aviation Authority 1600 Buy-in Rothesay
Jun-15 ICI 500 Buy-in Prudential
Jun-15 ICI 500 Buy-in L&G
Jun-15 Undisclosed 300 Buy-in Aviva
Apr-15 Northern Bank 680 Buy-in Prudential
Apr-15 Lehman Brothers 675 Buyout Rothesay
Apr-15 Undisclosed 535 Buyout PIC
Mar-15 ICI 500 Buy-in L&G
Dec-14 Undisclosed 380 PPF+ Rothesay
Dec-14 Taylor Wimpey 205 Buy-in Partnership
Dec-14 Undisclosed 120 Buyout Rothesay
Dec-14 Undisclosed 120 Buy-in Rothesay
Nov-14 TRW 2500 Buyout L&G
Nov-14 ICI 300 Buy-in Prudential
Nov-14 Undisclosed 200 Buy-in PIC
Oct-14 Aon 210 Buy-in PIC
Sep-14 Philips 310 Buy-in Prudential
Sep-14 Unilever 130 Buy-in L&G
Aug-14 Makro UK 185 Buyout Rothesay
Jul-14 Interserve 300 Buy-in Aviva
Jul-14 Undisclosed 170 Buyout PIC
Jun-14 Total 1600 Buy-in PIC
Jun-14 Philips 300 Buy-in Prudential
Mar-14 ICI 3000 Buy-in L&G
Mar-14 ICI 600 Buy-in Prudential
Mar-14 Western United 110 Buy-in Rothesay
Feb-14 The Church of England 100 Buy-in Prudential
Jan-14 GKN 120 Buy-in Rothesay
Nov-13 NCR 670 Buyout PIC
Nov-13 Undisclosed 220 Buyout PIC
Oct-13 MF Global 55 PPF+ PIC
Sep-13 TI Group / Smiths Group 170 Buy-in PIC
Sep-13 JLT 120 Buy-in PIC
Aug-13 Philips 480 Buy-in Rothesay
Aug-13 InterContinental Hotels 440 Buyout Rothesay
Jul-13 EMI 1500 Buyout PIC
Jul-13 Undisclosed 340 Buy-in L&G
Jul-13 Cobham 280 Buy-in Rothesay
Apr-13 First Quench 175 PPF+ PIC
Apr-13 Siemens (VA Tech) 100 Buy-in PIC
Jan-13 Undisclosed 255 Buy-in L&G
Jan-13 Smith & Nephew 190 Buy-in Rothesay
Dec-12 MNOPF 680 Buy-in Rothesay
Dec-12 Tate & Lyle 350 Buy-in L&G
Dec-12 Undisclosed 100 Buy-in PIC
Nov-12 Undisclosed 120 Buy-in PIC
Nov-12 Western United 115 Buy-in Rothesay
Oct-12 General Motors 230 Buyout Rothesay
Aug-12 Undisclosed 250 Buy-in L&G
Aug-12 Undisclosed 140 Buy-in Prudential
Jul-12 Cookson 320 Buy-in PIC
Apr-12 West Midlands Integrated Transport Authority 270 Buy-in Prudential
Apr-12 SR Technics 200 PPF+ PIC
Apr-12 Gartmore 160 Buy-in PIC
Mar-12 Denso 200 Buyout PIC
Mar-12 Aon 105 Buy-in PIC
Dec-11 Uniq 830 PPF+ Rothesay
Dec-11 Undisclosed 250 Buy-in Aviva
Dec-11 Undisclosed 110 Buy-in Aviva
Oct-11 T&N 1100 PPF+ L&G
Sep-11 TI Group / Smiths Group 150 Buy-in Rothesay
Jun-11 Home Retail Group 280 Buy-in Prudential
Jun-11 Law Society 235 Buyout MetLife
Jun-11 Meat & Livestock Commission 150 Buy-in Aviva
May-11 London Stock Exchange 160 Buy-in PIC
Apr-11 Undisclosed 170 Buyout PIC
Dec-10 Undisclosed 185 Buy-in Aviva
Dec-10 ESAB 225 Buyout Rothesay Life
Nov-10 GlaxoSmithKline 900 Buy-in Prudential
Aug-10 Next 125 Buy-in Aviva
Jun-10 Alliance Boots 320 Buyout PIC
Jun-10 Undisclosed FTSE 250 Buyout L&G
May-10 MNOPF 100 Buy-in Lucida
Mar-10 Undisclosed 100 Buy-in Aviva
Oct-10 Manufacturing 80 PPF+ L&G
Feb-10 Aggregate Industries 305 Buy-in PIC
Jan-10 Undisclosed 100 Buy-in MetLife
Dec-09 Cadbury 500 Buy-in PIC
Nov-09 CDC 370 Buy-in Rothesay
Sep-09 MNOPF 500 Buy-in Lucida
Sep-09 Denso 135 Buyout PIC
Jun-09 Dairy Crest 150 Buy-in L&G
Jun-09 Aon 150 Buy-in MetLife
Mar-09 Undisclosed 220 Buy-in L&G
Jan-09 Leyland DAF 225 Buyout PIC
Jan-09 Undisclosed 145 Buy-in L&G
Dec-08 Thorn 1100 Buyout PIC
Dec-08 Dairy Crest 150 Buy-in L&G
Nov-08 Vivendi 130 Buyout MetLife
Sep-08 Cable & Wireless 1050 Buy-in Prudential
Sep-08 TI Group / Smiths Group 250 Buy-in Paternoster
Sep-08 West Ferry Printers 130 Buy-in Aviva
Jul-08 Pensions Trust 225 Buy-in Paternoster
Jul-08 Ofcom 150 Buy-in L&G
Jun-08 Delta 450 Buyout PIC
Apr-08 Friends Provident 360 Buy-in Aviva
Apr-08 BBA Aviation 270 Buy-in L&G
Mar-08 Powell Duffryn / PD Pension Plan 400 Buyout Paternoster
Mar-08 TI Group / Smiths Group 250 Buy-in L&G
Mar-08 M-Real Corporation 180 Buyout L&G
Mar-08 Morgan Crucible 160 Buy-in Lucida
Feb-08 Rank 700 Buyout Rothesay
Sep-08 UK Can 50 PPF+ PIC
Feb-08 QH 100 PPF+ L&G
Dec-07 P&O 800 Buy-in Paternoster
Dec-07 Weir Group 240 Buy-in L&G
Nov-07 Electricity Association Services 170 Buyout L&G
Nov-07 Eni Lasmo 150 Buyout Paternoster
Oct-07 Emap 170 Buyout Paternoster
Jan-07 DRG Pension Fund 180 Buyout L&G
Jan-07 Hunting 110 Buy-in Paternoster

Keeping the risk transfer process simple

A bulk annuity purchase or move to a pension consolidator or capital solution is a significant undertaking. At XPS we aim to keep the transaction as effective and straightforward as possible. XPS’ specialist team has advised on buyouts, buy-ins and transactions providing better than PPF benefits (PPF + buyouts) for £15bn of bulk annuity transactions across more than 100 schemes. We combine risk transfer, covenant, investment and liability management expertise to implement the full range of solutions.

We assist trustees and sponsors in the following areas:

  • Providing training on the buyout market, alternatives to buy-out, and process;
  • Carrying out feasibility studies for buy-in or buyout, working alongside your current actuarial and investment advisors;
  • Considering ways to accelerate the time-frame to a buyout or other risk transfer;
  • Helping schemes prepare to go to market for quotations, including data cleansing and advice on a suitable asset strategy;
  • Helping schemes monitor pricing and pick an opportune time;
  • Covering the full range of solutions including consolidators and non-insured solutions; and
  • Pricing information direct from insurers on a monthly basis.

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