Risk Transfer

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
Jan-20	Co-operative Pension Scheme (PACE)	1,000	Buy-in	Aviva	Co-op
Dec-19	ESAB	225	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	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