Pension fund deals totalling as much as ₤20bn are being tendered out to buyout specialists
Accountancy Age, 24 Jun 2008
Forecasts from Legal & General predict assets worth up to £10bn could be transferred this year, beginning with a £1bn deal within the year.
Simon Gadd, managing director for L&G’s annuities business, told the Daily Telegraph the buyout market had never been busier: ‘There's probably £20bn worth of buyouts by value being tendered for at the moment,’ he said.
He said bigger deals were coming to the market and the first £1bn deal could happen this year, as more than half a dozen schemes were at present looking at their options.
‘Finance directors are looking at buyout options as regulation, longevity, accounting rules and investment volatility have pushed pension costs and risks up their agenda,’ Gadd said.
Further reading:
While Richard Branson and his Virgin Galactic team chase the...
Comments
Have your say on this article