Insurers Cover £1.4B Pension Risk At Marks & Spencer
Law360, London (May 24, 2019, 5:59 PM BST) -- Two U.K. insurance groups have agreed to cover approximately £1.4 billion ($1.8 billion) worth of pension liabilities for British retailer Marks & Spencer’s £10 billion scheme.
London-based insurers Pension Insurance Corp. PLC and Phoenix Group PLC said Thursday that they have insured £900 million and £460 million, respectively, of the Marks & Spencer Pension Scheme.
The buy-ins by the FTSE 100 firms will allow them to insure part of the £10 billion scheme using bulk annuities but will not transfer liability away from the pension’s trustee. Annuities enable pension schemes to pay premiums to an insurer, which then pays retirement incomes to...
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