PIC completes 190 million sterling buyout for GKN Group Pension Scheme

Specialist insurer Pension Insurance Corporation has completed a 190 million pound pensioner buyout for the GKN Group Pension Scheme, it said on Thursday. The remaining members of the scheme have been transferred to a new GKN pension scheme and the existing scheme is being wound up, PIC added. Willis Towers Watson predicts 30 billion pounds in pension liabilities will be insured through buy-ins, buy-outs and longevity swaps in 2017, compared with 11 billion pounds in 2016.