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The arrangement provides long-term protection to MNRPF against costs resulting from pensioners or their dependants living longer than expected and enhances security for MNRPF members.
The transaction secures the benefits of all 611 scheme members, comprising 416 pensioners and dependants as well as 195 deferred members.
2024 edition shows the strong net funding position of the universe of defined benefit pension schemes has remained largely stable over the past year.
LGRA expects 2024 to finish at levels similar to that of 2022, the US market’s current banner year.
Milliman’s latest Milliman Pension Buyout Index (MPBI) suggests the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process rose from 100.8% of a plan’s accounting liabilities to 101.7% of those liabilities in September.
The deal covers US$4.1bn in liabilities, comprising $1.9bn in long-term care (LTC) and $2.2bn in structured settlements.
The Walkers Shortbread Limited Retirement Benefits Scheme has completed a £34m bulk purchase annuity buy-in transaction with Legal & General, securing the benefits of 161 retirees and 238 deferred members.
The trustee of the G4S Pension Scheme has completed a £1.8bn bulk purchase annuity buy-in transaction with Just Group, insuring the benefits of around 22,500 scheme members.
Consultants Isio has facilitated a £20m buy-in transaction for an unnamed defined benefit scheme in the UK.
New report suggests overall growth in the opportunity in life settlements is outpacing the investment in the asset class.