This content is not available in your region

Littlewoods Pensions Scheme completes 880 million pound bulk annuity deal

Access to the comments Comments
Text size Aa Aa

LONDON (Reuters) – The Littlewoods Pensions Scheme has completed an 880 million pound bulk annuity deal with Scottish Widows, an adviser to the trustees of the scheme said on Thursday.

The deal will see the risks of around 60 percent of the liabilities in the scheme passed to Scottish Widows, and is the largest bulk annuity transaction to date for Scottish Widows, part of Lloyds Banking Group <LLOY.L>.

Structured as a so-called ‘buy-in’, the deal will provide a monthly income to the trustee of the scheme to meet the pensions payable to nearly 7,000 members of the scheme, adviser LCP said in a statement.

(Reporting by Simon Jessop; editing by Maiya Keidan)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on for a limited time.