Eversheds Guides £900M Pension Deal For Kingfisher
Law360, London (July 22, 2021, 12:15 PM BST) -- A British home improvement retail group has insured £900 million ($1.2 billion) of staff pension liabilities with Aviva PLC, the insurer said on Thursday.
The deal will cover 8,000 members of a U.K. defined benefit pension scheme sponsored by Kingfisher PLC, which includes the brands B&Q and Screwfix. The insurance, known as a bulk annuities deal, will protect the company against the risk that members of the pension plan live longer than expected in their retirement.
Pensions deals worth £54 billion were written in 2020, the largest amount ever in Britain, but the volume of transactions has dropped in the first...
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