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UK first half bulk annuity sales hit record 7.8 billion pounds - LCP

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By Reuters
UK first half bulk annuity sales hit record 7.8 billion pounds - LCP
FILE PHOTO: Commuters walk to work over the Golden Jubilee Bridge in central London on April 4, 2006. REUTERS/Toby Melville   -   Copyright  Toby Melville(Reuters)

LONDON (Reuters) – UK pension bulk annuity sales hit a record 7.8 billion pounds in the first half, consultant LCP said on Thursday.

Bulk annuities, which involve the transfer to an insurer of UK company defined benefit, or final salary, pension schemes, have become more popular as many schemes are in deficit and companies are looking to offload risk.

Pension Insurance Corporation wrote the largest volume of bulk annuities, at 3.3 billion pounds, LCP said in a statement.

(Reporting by Carolyn Cohn; editing by Maiya Keidan)