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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

Bihać women volleyball players achieved yet another victory

first_imgIn the 15th round of BiH Women’s Premiere League for women Volleyball club ‘Bihać’ defeated volleyball club ‘Kakanj’ with 3:1, and although VC ‘Kakanj’ won the first set with 25:23, other two sets were won by VC ‘Bihać’.Next weekend the 16th round will start and VC ‘Bihać’ is going to Banja Luka.On Sunday in Ključ there was a qualifying tournament of FBiH Championship for younger categories where young volleyball players of ‘Bihać Preminger’ achieved a significant success by winning in all categories.Young volleyball players of ‘Bihać Preminger’ in semi-finals defeated VC ‘Ključ’ with 2:0, and in finals VC ‘ Bužim’ with 2:0.The same result was achieved by cadets and juniors, and with this all three younger teams qualified to finals of FBiH tournament which will be held in late April and early May 2013.last_img read more

Vyborny lifts ‘Jackets over Kings in OT

first_imgCOLUMBUS, Ohio – David Vyborny scored twice – including a goal with 21.4 seconds left in overtime – to lead the Columbus Blue Jackets to 3-2 victory over the Kings on Wednesday night. Vyborny’s 15th goal tied it, 2-2, at 5:02 of the third period. The victory was the Blue Jackets’ third in a row. The Kings dropped their third consecutive game. Geoff Platt scored his first NHL goal and had an assist, giving him four points in two games. Vyborny assisted on Platt’s goal. Kevin Dallman scored his first goal in almost a year for the Kings and Jamie Heward had a power-play goal. Rick Nash came down the right wing and traded passes with Vyborny in the middle. Nash sent a centering pass to Platt, who was upended and flew through the air as he tipped the pass into the net. The Kings came back with two goals in the second period. In overtime, the Blue Jackets had a power play when Ron Hainsey skated to the top of the left circle and passed across the ice to Vyborny on the right wing. Vyborny’s quick snapper beat goalie Mathieu Garon inside the near post. center_img Dallman scored his first goal in 51 games when his wrist shot from the left wing slipped by Norrena. Just 10 seconds after Platt went to the penalty box for hooking, the Kings took the lead on Heward’s goal. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more