Jul 19, 2012
LONDON, 19 July 2012 – Aon Hewitt, the global human resource solutions business of Aon plc (NYSE:AON) advised the Trustee of the Cookson Group Pension Plan on its c.£320 million pensioner buy-in with Pension Insurance Corporation (PIC) which was announced this morning. The transaction covers the plan's liabilities in relation to over 3,300 pensioners.
Paul Belok, principal in Aon Hewitt’s Risk Settlement Group, said:
"Aon Hewitt advised the Trustee throughout the process and ran a competitive review of the market to obtain the best terms for the plan. Following the selection of PIC as the preferred provider, we worked closely with the plan's legal and investment advisers to finalise terms, with particular focus on the policy documentation and the transfer of assets to fund the premium.
"After a relatively quiet start to 2012 - following a particularly strong end to 2011 - this is the biggest transaction of the year in the bulk annuity market. We are aware of a reasonable level of activity currently taking place and can expect to see some more sizeable deals by the end of the calendar year. In particular, we are seeing interest from schemes looking to take advantage of the currently attractive bulk annuity pricing relative to gilt yields."
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About Aon Hewitt
Aon Hewitt is the global leader in human resource solutions. The company partners with organisations to solve their most complex benefits, talent and related financial challenges, and improve business performance. Aon Hewitt designs, implements, communicates and administers a wide range of human capital, retirement, investment management, health care, compensation and talent management strategies. With more than 29,000 professionals in 90 countries, Aon Hewitt makes the world a better place to work for clients and their employees. For more information on Aon Hewitt, please visit www.aonhewitt.com.
Aon plc (NYSE: AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 61,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world's best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit www.aon.com for more information on Aon and www.aon.com/manchesterunited to learn about Aon's global partnership and shirt sponsorship with Manchester United.
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