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

Nov-19 National Grid 1600

Buy-in

L&G

National Grid

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 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 Thomson Reuters  620 Buy-in Canada Life  
Aug-18 AA  350 Buy-in Canada Life  
Aug-18 Hays  270 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  
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  

 

Harry Harper - homepage.jpg

Key Contact

Harry Harper

Head of Risk Transfer

T: 0161 393 6875