Bulk annuity transactions, buyout & buy-in

Date Scheme / Company Price £m Type Insurer Press release
Dec-20 Aon Retirement Plan 510 Buy-in Scottish Widows Aon, £510m
Dec-20 Maersk Retirement Benefit Scheme 1,100 Buy-in L&G Maersk, £1.1bn
Dec-20 Homestyle 2007 Pension Scheme 103 Buyout Aviva Homestyle, £103m
Dec-20 National Grid 800 Buy-in Rothesay Life National Grid, £800m
Nov-20 Smiths-Group 146 Buy-in Canada Life Smiths Group, £146m Canada Life
Nov-20 M&S 360 Buy-in Phoenix M&S, £360m Phoenix
Nov-20 M&S 400 Buy-in Aviva M&S, £400m Aviva
Nov-20 Aviva Staff Pension Scheme 875 Buy-in Aviva Aviva Staff Pension Scheme
Nov-20 Baker Hughes 100 Buy-in Just Baker Hughes
Oct-20 Old British Steel 2,000 Buyout PIC Old British Steel
Oct-20 Ibstock Pension Scheme 340 Buy-in Just Ibstock Pension Scheme
Sep-20 Ti Group Pension Scheme 142 Buy-in Aviva Smiths Group, £142m Aviva
Aug-20 RockRose (Marathon Service (GB)) 610 Buyout Rothesay Life Marathon Service GB Scheme
Aug-20 Siemens 530 Buy-in L&G Siemens £530m
Aug-20 Hitachi 275 Buyout L&G Hitachi £275m
Aug-20 ICI 70 Buy-in L&G ICI £70m
Aug- 20 Littlewoods 930 Buyout Rothesay Life Littlewoods £930m
June- 20 Countrywide Farmers 100 PPF+ L&G Countrywide Farmers £100m PPF+
June- 20 Undisclosed 220 Buyout Aviva  
June- 20 IPC Media Pension Scheme 290 Buy-in Rothesay Life IPC Media £290m
June- 20 LV= Employee Pension Scheme 800 Buy-in Phoenix LV= £800m Phoenix
June-20 General Healthcare Group Pension and LA Plan 150 Buy-in Aviva General Healthcare Plan
May-20 Undisclosed 120 Buy-in Aviva  
May- 20 Undisclosed 240 Buy-in Aviva  
May-20 IHS Markit - UK Scheme 38 Buyout L&G IHS Markit - UK
May-20 British Bankers' Association Pension Scheme 95 Buy-in Aviva British Bankers Association
May-20 3i Group Pension Plan 650 Buy-in L&G 3i £650m
May-20 Co-operative Pension Scheme (Co-op Section) 350 Buy-in Aviva Co-op Aviva
Apr-20 Leonardo Electronic Pension Scheme 160 Buy-in Just Retirement Leonardo Electronic
Apr-20 Co-operative Pension Scheme (Bank Section) 400 Buy-in PIC Co-op PIC Bank
Mar-20 Xylem UK Pension Plan 255 Buyout Rothesay life Xylem
Mar-20 WPP  250 Buyout PIC WPP buy-ins
Mar-20 Anonymous 50 Buyout L&G L&G Series
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 Co-op PIC Co-op Section
Feb-20 Merchant Navy Officers Pension Fund 1600 Buy-in PIC MNOPF PIC
Feb-20 AIB (with £250m L&G APP) 850 Buy-in L&G AIB £1.1bn (includes £250m APP)
Jan- 20 Undisclosed 250 Buyout Aviva  
Jan-20 Co-operative Pension Scheme (PACE) 1,000 Buy-in Aviva Co-op
Dec-19 Castings 72 Buyout Aviva Castings
Dec-19 ESAB 255 Buyout Rothesay Life ESAB
Dec-19 Electricity North West (ESPS) 805 Buy-in Scottish Widows Electricity North West
Nov-19 National Grid (Section B) 1,600 Buy-in L&G National Grid B
Nov-19 Aegon UK Staff Scheme 144 Buy-in Phoenix Aegon Staff
Nov-19 Scottish & Southern Energy 750 Buy-in PIC Scottish Hydro
Nov-19 Aviva's own scheme 1700 Buy-in Aviva Aviva
Nov-19 Asda 3800 Buy-in Rothesay Life Asda
Oct-19 National Grid 2800 Buy-in Rothesay Life National Grid
Sep-19 Edwards Wildman Palmer LLP 35 Buyout L&G EWP LLP
Sep-19 GEC 1972 Plan 4700 Buyout Rothesay Life Telent
Sep-19 Allied Domecq 3800 Buy-in Rothesay Life Allied Domecq
Sep-19 Tate & Lyle 930 Buy-in L&G Tate&Lyle
Aug-19 Hitachi 49 Buy-in L&G Hitachi
Aug-19 British American Tobacco 3400 Buy-in PIC British American Tobacco
Aug-19 PGL Pension Scheme 1100 Buy-in Phoenix Phoenix PGL
Aug-19 Cadbury Mondelez 500 Buy-in Rothesay Life Cadbury
Jul-19 Smiths-Group 176 Buy-in Canada Life Smiths Group
Jun-19 Rolls Royce UK Pension Fund 4600 Buy-in L&G Rolls-Royce
May-19 Undisclosed 200 Buyout Aviva  
May-19 M&S 900 Buy-in PIC Marks & Spencer
May-19 M&S 460 Buy-in Phoenix Marks & Spencer
Apr-19 3i Group Pension Plan 95 Buy-in L&G 3i buy-in
Apr-19 Commerzbank (Dresdner Kleinwort) 1200 Buy-in PIC Commerzbank
Apr-19 QinetiQ Pension Scheme 700 Buy-in Scottish Widows QinetiQ
Apr-19 Laird Pension Scheme 110 Buyout Rothesay Life Laird
Apr-19 The Bank of America Merrill Lynch UK Pension Plan 400 Buy-in Scottish Widows BofAML
Apr-19 Peugeot Advanced Pension Plan 140 Buyout Scottish Widows Peugeot
Mar-19 Colfax (Howden) 230 Buyout L&G Howden
Jan-19 Pearson 500 Buy-in L&G Pearson
Jan-19 Co-op 425 Buy-in PIC Co-op 425
Dec-18 Rentokil initial 1515 Buyout PIC Rentokil
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 Nortel
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 British Airways
Sep-18 Undisclosed 400 Buy-in Aviva  
Sep-18 Undisclosed 390 Buy-in Scottish Widows  
Sep-18 Undisclosed 285 Buyout L&G Fortune500
Sep-18 Undisclosed 280 Buyout Rothesay  
Sep-18 Undisclosed 100 Buyout PIC  
Aug-18 Hays 271  Buy-in Canada Life Hays Recruitment
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 Siemens
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 Heathrow
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 MNOPF
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 ESAB
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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Wednesday, 24 February 2021 XPS Live | Let’s get GMP Equalisation done