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BACB pension scheme transacts first open-tendered underwritten buy-in

first_imgThe British Arab Commercial Bank (BACB) Pension Scheme has entered into a £12m (€14.5m) insurance contract with Partnership, in the UK’s first tendered medically underwritten buy-in.The £12m deal covered all non-insured pensioners in the £60m scheme and was arranged via a third-party information collector.MorganAsh collected the medical information from the scheme’s members via a questionnaire. It then passed on the results to all interested insurers to formulate their bids.Insurers responded to the tender based on the identical medical information, resulting in a more competitive price for the trustees to transact. This differed from the process seen thus far, where deals are completed after a pension scheme selects an insurer upfront.JLT Employee Benefits (EB) had worked with insurers and MorganAsh to develop the process for its clients.Graham Wardle of BESTrustees, who chairs the BACB scheme, said the board received a 95% response rate from members, allowing the trustees to obtain an accurate price for the exercise.“We were able to achieve a competitive price by selecting Partnership Assurance, and we are pleased with how streamlined the process was,” he said.“The continual de-risking of our pension scheme is an important goal and ensures the long-term security for our members.”Buyout consultant at JLT EB, David Barratt, said the new process designed by the consultant could be important for schemes looking for effective and efficient de-risking.“We are continually looking to improve efficiencies for our clients and are delighted to have brought this new process to the market,” he said.Partnership Assurance director of corporate partnerships, Will Hale, said the tendered deal represented a landmark in the underwritten bulk annuity market.“We were happy to support JLT Employee Benefits develop this new market process,” he said.“A common approach to the collection of member information will ensure schemes wishing to de-risk through a choice of insurers, and they can be confident of attaining a competitive price.”last_img read more

Cricket News MS Dhoni continues great form, hits 70th fifty in tense game at Melbourne

first_imgDhoni hit three consecutive fifties for 1st time since 2014Dhoni has scored over 1000 runs in AustraliaDhoni has over 1500 runs in ODIs Down Under New Delhi: MS Dhoni continued his magnificent run of form by slamming his third consecutive fifty in the series against Australia as India stayed on course to achieve a historic series win Down Under. His 70th fifty overall followed the traditional blueprint of taking his time to settle in and then guiding the side in the middle overs. The former Indian cricket team skipper, who was criticised for his slow knock of 51 in Sydney and for his wonderful finishing prowess in Adelaide with an unbeaten 55, came into bat after Shikhar Dhawan was dismissed. However, he survived first ball as he was dropped by Glenn Maxwell at point and this proved to be costly for Australia.Dhoni, along with skipper Virat Kohli, steadied the ship and India made smooth progress on an MCG wicket which was becoming difficult for stroke making. Both batsmen pierced the gaps brilliantly and ran the twos and threes hard. Kohli and Dhoni both survived a run-out attempt but they held their nerve. The former India skipper blasted two boundaries off Marcus Stoinis and Peter Siddle while Kohli neared a fifty. However, on 46, Kohli edged a full ball to Alex Carey off Jhye Richardson, falling to the bowler for the third time in the series. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. The right-hander from Ranchi was then given good support by Kedar Jadhav and Dhoni notched up his third consecutive fifty in the series. This is the fifth time Dhoni has scored three or more ODI 50s in succession, having last achieved the feat against New Zealand in January 2014. His fifty took his tally of runs past 1500 in ODIs against Australia, the second-most number of runs that he has against a single nation after Sri Lanka, against whom he has scored over 2300 runs.Dhoni also joined Sachin Tendulkar, Rohit Sharma and Virat Kohli in scoring over 1000 runs in ODIs in Australia. His contributions have given India a great chance to win a bilateral ODI series Down Under. If India win in Melbourne, they will become only the second team after South Africa to win a series in all formats Down Under. highlightslast_img read more