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£42m bulk purchase annuity transaction secures the pensions of 485 members.
£66m buy-in, which completed in March and covers 590 members, is the mutual’s second BPA transaction with the pension scheme of a fellow mutual and the first with a building society.
The brief addresses the significant consumer and market implications of restricting consumer rights found in many convertible term life insurance policies, including preventing the policy owner’s ability to sell their policy in the life settlement marketplace.
Total US annuity sales were $104.6bn in the first quarter of 2026 according to preliminary results from LIMRA’s U.S. Individual Annuity Sales Survey, which represents 87% of the total US annuity market.
The transaction, completed in March 2026, secures the benefits of 16 deferred and 24 pensioner members of the scheme and completes the buy-in of all scheme liabilities.
The equity release market recorded a slowdown in Q1 2026, as global uncertainty weighed on consumer decision-making and delayed completions, according to new data from UK industry group the Equity Release Council.
160m bulk purchase annuity buy-in was completed in March 2026 and secures the pension benefits for all 2,216 of the scheme’s members, comprising 1,108 members with pensions in payment and 1,108 deferred members.
CMT will use the proceeds of this issue to refinance outstanding indebtedness, acquire mortgages originated by HomeEquity Bank, and to fund ongoing operations.
Funded reinsurance transactions involving UK life insurers will face enhanced regulatory requirements under new proposals unveiled today by the Prudential Regulation Authority.
There are new rules around surplus extraction as well as a permanent regime for the superfund market which could impact the DB pension de-risking market going forward.