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.