UK roundup: Somerfield Pension Scheme, longevity market, Partnership Assurance

first_imgThe Somerfield Pension Scheme has appointed BNY Mellon to provide custodial services for the £800m (€963.5m) scheme.The appointment of BNY Mellon follows similar contracts with the other schemes of Somerfield’s parent, the Co-Operative Group.BNY Mellon currently services the £7.4bn Co-Operative Group Pension Scheme and the £625m Britannia Pension Scheme.Mike Thorpe, pension finance and risk controller at the Co-Operative, said the success of the existing relationship and BNY Mellon’s strength as a financial institution were key to the appointment. In other news, consultancy Aon Hewitt has suggested the capacity for longevity swaps over the next two years could reach £100bn.It said it based its prediction on availability in the reinsurance market, which is showing signs of maturity after 2013 proved a bumper year for deals.A total of £8.9bn in longevity swaps were completed last year, Aon Hewitt said, with 15-20 providers now operating in the space, compared with only six when the market began in 2009.Matt Willmington, a partner at the consultancy, said capital markets could also offer funding capacity along side the reinsurance industry.However, he said it would be several years for this to materialise due to differing objectives among investors and pension schemes, and their lack of competitive edge over reinsurers.Lastly, an undisclosed pension scheme has transacted a £33m medically underwritten pensioner buy-in with Partnership Assurance.The members of the pension scheme belong to the building and civil engineering industry, leading the scheme to consider the underwritten buy-in as most appropriate.The deal is the largest single underwritten buy-in to date and covers the majority of the scheme’s pensioner liabilities.Andrew Cheeseman of PAN Trustees, who chairs the board, said the medical questionnaire sent to members was well received.The deal also proved significant in allowing the scheme to de-risk while providing security for members, he said.last_img read more

PSG on cusp of French title after Lyon lose 3-0 at Caen

first_imgParis St Germain are almost certain to retain their Ligue 1 title after second-placed Olympique Lyonnais’ 3-0 loss at Caen on Saturday left them six points behind with two games left.PSG, who demolished En Avant Guingamp 6-0 on Friday, have 77 points and a better goal difference (+45 to +38) than Lyon who were physically overwhelmed by struggling Caen.The home side’s Nicolas Benezet scored twice in four minutes before the break and Sloan Privat rounded off a comfortable win five minutes from time.Laurent Blanc’s PSG, who need a point to guarantee a third straight title, travel to Montpellier and host Stade de Reims while Lyon welcome Girondins de Bordeaux and visit Stade Rennes in the last two rounds of matches.”We deserve nothing, tonight we were devoured by Caen,” Lyon midfielder Steed Malbranque told Canal Plus.”We started too timidly. For the title, it’s over, now we have to focus on retaining that second place,” he added with his side six points ahead of Monaco who play on Sunday. On Sunday, fourth-placed Olympique de Marseille, who have 60 points, take on third-placed Monaco, on 65, eyeing a Champions League qualifying spot.–Follow Gary on Twitter: @garyalsmithlast_img read more