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Britain’s Co-op Bank pension completes $1.5 billion insurance deal-insurer


Britain’s Co-op Bank pension completes $1.5 billion insurance deal-insurer By Reuters

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Economy 24 minutes ago (Dec 13, 2022 19:26)

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LONDON (Reuters) – Britain’s Co-operative Bank pension scheme has completed a 1.2 billion pound ($1.47 billion) insurance deal for all its pension members with insurer Rothesay, Rothesay said in a statement on Tuesday.

In such bulk annuity deals, companies transfer the risk of their defined benefit, or final salary, pension schemes to an insurer.

Industry players predict a rise in bulk annuity deals after a recent crisis in the UK government bond market driven by a dash by pension funds for cash highlighted the risk of keeping pensions on company balance sheets.

($1 = 0.8139 pounds)

Britain’s Co-op Bank pension completes $1.5 billion insurance deal-insurer

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