Keeping the pension buyout and bulk annuity process simple

A bulk annuity is a significant undertaking, but 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 £12bn of bulk annuity transactions across more than 100 schemes. We assist trustees and sponsors in the following areas:

  • Providing training on the buyout market and process;
  • Carrying out feasibility studies for buy-in or buyout, working alongside your current actuarial and investment advisors;
  • Considering ways to accelerate the timeframe to buyout;
  • 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.

Bulk annuity transactions, buyout & buy-in

Date Scheme / Company Price £m Type Insurer Press release
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 Co-operative Pension Scheme (PACE) 1,000 Buy-in Aviva Co-op
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  

 

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Key Contact

Harry Harper

Head of Risk Transfer

T: 0161 393 6875