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PIC completes first Mosaic buyin with GCB Pension Fund

Pension Insurance Corporation plc (“PIC”) has concluded its first full scheme buy-in within Mosaic, PIC’s streamlined service for pension schemes with assets under £100 million. The £20 million transaction covers the benefits of 103 members of the General Council of the Bar (“GCB”) Pension and Life Assurance Fund (“the Fund”). The buy-in was completed and signed within 10 weeks of PIC receiving the Fund data.
Posted on Friday Dec 20

Inheritance Tax raises almost GBP6 billion in 8 months

December’s update from HMRC shows that Inheritance Tax (IHT) receipts reached £5.7 billion through the first two-thirds of this financial year (April to November). It marks an 11% increase on 2023/24 (£5.2 billion) through the same eight months of the year, putting 2024/25 on course for a fourth consecutive annual IHT-take record for the Treasury.
Posted on Friday Dec 20

Industry comments as BoE leave base rate unchanged

Hymans Robertson, Standard Life, XPS Group and LCP all comment as the Bank of England leave the base rate unchanged
Posted on Thursday Dec 19

Airways Pension Scheme complete longevity hedge with MetLife

The Trustees of the Airways Pension Scheme (“the Scheme”), Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, Inc., (“MetLife”) and Zurich Assurance Ltd (“Zurich UK”) have today announced a longevity swap transaction to transfer longevity risk in relation to £340m of the Scheme’s liabilities.
Posted on Thursday Dec 19

Comments on inflation rising once more

As inflation rises to 2.6%, don’t forget to check Pension Credit eligibility – Saturday is the deadline to make a backdated claim for Winter Fuel
Posted on Wednesday Dec 18

PIC announce their strategic partnership with SEI

Pension Insurance Corporation plc (“PIC”), a specialist insurer of defined benefit pension schemes, has entered into a strategic partnership with SEI® to allow trustees the ability to transfer Defined Contribution (“DC”) pension benefits and Additional Voluntary Contributions (“AVC”) into the SEI Master Trust in bulk, as part of their buyout arrangements.
Posted on Tuesday Dec 17

Just Group confirm buyin for Hunt Brothers Pension Fund

Deal with Just Group secures the benefits of all scheme members. Transaction for £1.4m demonstrates capacity in the market for even the smallest schemes. Concluded swiftly in busy market using Broadstone’s SM&RT Insure process in tandem with Just Group’s streamlined pricing service Beacon.
Posted on Monday Dec 16

Utmost Group has approval to acquire Lombard International

Utmost Group plc has received all necessary regulatory approvals to complete the acquisition of Lombard International Assurance Holdings Sarl which is expected to complete on 30 December 2024.
Posted on Wednesday Dec 11

Impact of AI on Asset Management

New report from XPS Group, a FTSE 250 pensions and insurance consultancy, titled The Impact of AI on Asset Management.
Posted on Wednesday Dec 11

Resolution Life announces acquisition by Nippon Life

Resolution Life announces the acquisition of 100% of its shares by Nippon Life at a valuation of $10.6 billion. The transaction will accelerate growth for both Resolution Life and Nippon Life in the highly active, multi-trillion-dollar global life and annuity consolidation sector. Resolution Life, which comprises Resolution Re, Resolution Life US and Resolution Life Australasia will retain the Resolution brand. Resolution Life Australasia and Nippon Life’s Australian company, MLC, will be merged to form Acenda. Blackstone will continue to be Resolution Life’s investment manager across private credit and other key areas.
Posted on Wednesday Dec 11

PIC completes buyin of the Hays Pension Scheme

Pension Insurance Corporation plc (“PIC”), a specialist insurer of defined benefit pension schemes, has concluded a £370 million buy-in of the Hays Pension Scheme (“the Scheme”), sponsored by Hays Group plc (“the Company”). The buy-in covers 853 pensioners and dependents and 3,368 deferred members.
Posted on Tuesday Dec 10

The Asset Management themes that will drive 2025

The key asset management themes that will drive 2025, as outlined by Kenneth Lamont, Strategist at Morningstar, include:
Posted on Monday Dec 9

Aviva and Direct Line agree on deal worth 275p per share

129.7 pence per Direct Line share in cash. 0.2867 new Aviva shares per Direct Line share. Dividend payments of up to 5 pence per Direct Line share
Posted on Friday Dec 6

Scottish Budget brings tax misery for higher earners

The basic and intermediate income tax bands in Scotland will increase by 3.5%. This means people’s earnings will be taxed at a lower rate than under the current system. There will be a freeze on thresholds for higher earners in Scotland. Scotland has six income tax bands, in contrast to England, Wales and Northern Ireland where there are just three.
Posted on Thursday Dec 5

Climate Change and Directors and Officers Insurance

D&O insurers are less focused on climate change - but is that because claims aren't materialising (yet) or is that a factor of the soft market? Since 2020 (or thereabouts), there has been a lot of talk about potential exposure for directors and officers in connection with climate change.
Posted on Thursday Dec 5

The impact climate change can have on insurers investments

Ortec Finance, a leading provider of technology and risk management solutions for financial institutions, has found that transition risks as a result of a disorderly transition to net zero could affect European insurance company investment returns by up to 13% in the short term, while longer term physical risks resulting from a lack of action could have far more reaching consequences, resulting in declines of up to 23% by 2050.
Posted on Tuesday Dec 3

A fifth of adults have had a dispute over inheritance

A quarter (24%) believe future disputes are likely due to a lack of open conversations about inheritance. Nearly two-fifths (37%) feel older generations were closed about discussing inheritance plans. However, 43% plan to be more transparent with their family and loved ones than past generations
Posted on Monday Dec 2

Asset allocation shifts could boost With Profit fund returns

Despite a challenging backdrop, every With-Profits fund experienced a positive total return, with an average return of 8.32%. Shifts in asset allocation for most UK With-Profits funds could result in an increase in expected returns by up to 0.6%, without increasing portfolio volatility. BW analysis covers £239bn With-Profits assets spread over 76 funds from 24 insurers. The proportion of funds managed using sustainability targets or criteria increased for second year running
Posted on Wednesday Nov 27

Financial gifts for this Christmas as IHT net tightens

Every Christmas many older family members choose to swerve the present-selection minefield with financial gifts to their young relatives. This year, financial gifts might be more popular than ever as parents, grandparents and older relatives grapple with new inheritance tax rules.
Posted on Wednesday Nov 27

FCAs first research competition to drive economic growth

The Financial Conduct Authority is launching its first competition to fund research into how regulation can support national growth. This follows a review of recent literature which found significant gaps in the available research.
Posted on Monday Nov 25

Aviva complete buyin with National Grid Electricity Pension

Aviva has announced the completion of a £1.7 billion pensioner buy-in with the National Grid Electricity Group (“the Group”) of the Electricity Supply Pension Scheme (“the Scheme”).
Posted on Monday Nov 25

Inheritance Tax raises GBP5 billion in 7 months

HMRC’s latest update on Inheritance Tax (“IHT”) receipts shows that £5.0 billion was collected through the first seven months of the 2024/25 Financial Year – an 11% increase on the £4.6 billion received in the same period in the previous year – setting up a likely fourth consecutive record annual IHT tax take for the Chancellor of the Exchequer.
Posted on Thursday Nov 21

Inflation rises back above target

Standard Life and My Pension Expert comment as the latest ONS inflation data has indicated an increase in CPI to 2.3%.
Posted on Wednesday Nov 20

Just Group complete largest derisking transaction to date

Just Group has completed its largest insurance de-risking transaction to date: a £1.8 billion full buy-in with the Trustee of the G4S Pension Scheme (the 'Scheme'), covering the benefits of around 22,500 members. The Trustee selected Just Group following a highly competitive and rigorous selection process. This is the largest publicly announced deal in the Bulk Purchase Annuity market this year.
Posted on Thursday Nov 14

Director fined £1.1m and banned for misusing insurers funds

The Financial Conduct Authority (FCA) has banned Leigh Mackey from working in financial services and fined him £1,102,879 for misleading the FCA and misusing funds due to insurers.
Posted on Monday Nov 11