Siemens Benefits Scheme signs £530m buy-in

first_imgThe Siemens Benefits Scheme has completed a £530m (€578m) buy-in transaction with Legal & General, securing the benefits of more than 2,000 UK retirees.The deal is the pension fund’s second such pension risk transfer transaction, but the first with Legal & General.The insurer, which announced the deal today, said the pension scheme had chosen an umbrella contract to allow for potential future transactions to be completed quickly and easily, when the time and market conditions are right.It also said the trustees ran an agile and flexible process, which allowed them to take advantage of favourable pricing opportunities in the market, and to move quickly to meet their objectives. Joanna Matthews, chair of the trustees, said: “Through careful planning, we were able to overcome the logistical and investment challenges posed by COVID-19 and complete this transaction at this time on very favourable terms. This is a fantastic outcome and I would like to thank all involved in the process.”The trustees were advised on the transaction by Aon and Sackers. Legal advice was provided to Legal & General by Eversheds.Karen Gainsford, principal consultant at Aon, said the scheme’s “nimble governance” was key to the firm having been able to secure attractive terms “so efficiently”.“It’s a great example of what will be needed throughout the remainder of 2020, as schemes seek to secure benefits in what is set to become a busy market once again,” she said.Legal & General has been working with the Siemens Benefits scheme for many years, and Legal & General Investment Management Limited helped to set up the liability-driven investment portfolio in 2008.Siemens’ deal is the latest in a series of bulk annuity transactions to be announced recently. Rothesay Life last week announced it had closed a £930m buy-in with Littlewoods Pensions Scheme last month, and a day later Legal & General Assurance Society disclosed a £70m buy-in with ICI Pension Fund.To read the digital edition of IPE’s latest magazine click here.last_img read more

The Brisbane suburb with only one five-bedroom house for sale

first_imgHiding behind this walled petition in the ensuite is the shower cubicle.“There is no glass anywhere, no shower screen, it is very easy to keep clean,” Mrs Moroney said.“And we only discovered that after living here.”More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoThe property is being sold by Burton & Ryan Property Agents — Grange and private inspections are welcome.The two-storey house on a 405sq m block originally attracted them because of its generous-sized bedrooms and proximity to the city and airport. But we think the walk-in wardrobe is the most impressive room in the house.Downstairs there is a large island bench in the kitchen, with a glass window instead of a splashback to open side views of the garden, as well as the rear view across the patio to the inground pool and hedges beyond. MORE REAL ESTATE STORIES The master bedroom is large at 5.2m x 3.8m.Their son was 17 and daughter 20 when they moved here, and the upstairs bedroom configuration has helped give everyone personal space.There is a sitting area leading to the master bedroom at one end of the house, and at the other end, two bedrooms open out to a retreat with access to the front balcony.center_img This is the only five-bedroom house for sale in Kedron at the moment.IT’S only 7km to the Brisbane CBD and almost a quarter of the population is preparing to return to school tomorrow, but this Brisbane suburb currently has only one five-bedroom house for sale.Kedron is a professional hub in Brisbane whose population grew 8.6 per cent between the 2011 and 2016 census periods. In the last 10 years, the number of five-bedroom houses to sell each year has ranged from three to 18 according to CoreLogic property data and so far this year, five five-bedroom house have sold.But on realestate.com.au there is only one five-bedroom house currently for sale in Kedron, and that makes 42 Moree St, Kedron a rare but very valuable proposition for families wanting a spacious home in this part of the city.For Julie and Sean Moroney and their two children, space and cleverly designed bathrooms have been standout features.And if they decide to build when they move to Melbourne, recreating the bathrooms they have come to love over the past four years will be a top priority. The open-plan living area which continues out to the patio.“I’m in the kitchen now with my laptop set up on the bench, this is a place I always come to, I might be reading the paper or on the laptop.“We’ve got four bar stools here but you can fit another one in.”last_img read more

Benteke backed to find form

first_img The striker has bagged just two Barclays Premier League goals this term after returning from a ruptured Achilles in October. Villa host Chelsea on Saturday having failed to score in 10 hours and 12 minutes in the league – since Benteke netted against Manchester United in December. “I’m pretty sure he is probably getting advice from every quarter, I have spoken to him and I’m sure his parents, agent and all those sort of people have. “He is a young guy and has only been in this country for three years. The big thing was the impact he made here at the beginning of his career. It was so big and the spotlight was on him so when he hits a drop it’s more noticeable. “We have to protect him as well and watch him. He will come back stronger, I have no doubt whatsoever. “If he can get back to the heights where he was before he can be unplayable.” Christian Benteke has been watching video nasties after Aston Villa boss Paul Lambert revealed they have gone back to basics to revive his season. Press Association But the striker has struggled since and has been studying videos with the Villa coaching staff of where he can improve in a bid to rescue his form. Lambert said: “He has looked at them himself, it’s not something which has gone unnoticed by anyone. We look at them and show him things. It will make him stronger. “He is not naive, he knows what’s going on. The big thing is to help him and help the team get him back to where he was. “He could well be (watching videos at home), but we have sat with him as staff and showed him things he can improve on.” Villa tried to sign Liverpool striker Rickie Lambert on deadline day, only for the 32-year-old to stay at Anfield. Villa boss Lambert is unlikely to rest Benteke against Chelsea but was keen to bring another striker in to ease the burden. “If I bought another striker in the window I could play with two up front and take the spotlight off him,” he said. “He knows himself things aren’t going his way but the club, his team-mates and staff will try everything they can do to help him. last_img read more

Lenister see off Ulster to secure Grand Final spot

first_imgThe four-time winners produced their best performance of the season as tries from Isa Nacewa Jamie Heaslip and Sean Cronin helped them to a comprehensive win – despite a brace of tries from Ulster’s Craig Gilroy.So Leinster now awaits the winners of this evening’s semi-final at the Sportsground, where Connacht will once-again play host to the Glasgow Warriors.Pat Lam’s men beat Glasgow just two weeks ago to secure home advantage and former Ireland Captain Brian O’Driscoll says that it’s hard to know which team will have improved more in the intervening period.last_img read more