May 31, 2018 / 11:01 AM / a year ago

Littlewoods Pensions Scheme completes 880 mln stg bulk annuity deal

LONDON, May 31 (Reuters) - The Littlewoods Pensions Scheme has completed an 880 million pound ($1.17 billion) bulk annuity deal with Scottish Widows, an adviser to the trustees of the scheme said on Thursday.

The deal will see the risks of around 60 percent of the liabilities in the scheme passed to Scottish Widows, and is the largest bulk annuity transaction to date for Scottish Widows, part of Lloyds Banking Group.

Structured as a so-called ‘buy-in’, the deal will provide a monthly income to the trustee of the scheme to meet the pensions payable to nearly 7,000 members of the scheme, adviser LCP said in a statement. ($1 = 0.7506 pounds) (Reporting by Simon Jessop; editing by Maiya Keidan)

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