GKN seals £190m buyout with Pension Insurance Corporation

first_imgMatt Richards, actuary at PIC, said: “The trustee has moved proactively and in a considered manner to achieve a strong outcome. This transaction is part of a long-term de-risking strategy undertaken by the trustee, which allowed them to take advantage of a window of favourable pricing.“The trustee should be congratulated for acting in a decisive manner to reduce risk across all pensions, not just those that have been insured.” David Ellis, UK leader for bulk pensions insurance advisory at Mercer and adviser to the GKN trustees, praised the scheme for its willingness to innovate.“This latest transaction is testament to the long-lasting benefit of taking proactive action to manage pension risk,” he said.GKN’s main defined benefit schemes in the UK, the US and Germany had combined liabilities of more than £4bn at the end of 2015, its annual report said.The GKN Group Pension Scheme’s liabilities were £848m, primarily relating to pensioner members.GKN’s trustees completed two buy-ins with Rothesay Life in 2014 and 2015, worth £123m and £53m, respectively.The scheme also enacted a pension increase exchange in 2015, agreeing to raise benefits for members in exchange for their giving up guaranteed increases. Engineering firm GKN has agreed a £190m (€222.7m) buyout with Pension Insurance Corporation (PIC) and begun to wind up its pension scheme.The transaction covers 20% of the GKN Group Pension Scheme’s liabilities, which were £848m at the end of 2015, according to the company’s annual report.Remaining members of the scheme will be transferred to a new fund, allowing the legacy pension scheme to be wound up.Members with small pension pots will be offered a lump-sum transfer to exit the scheme altogether.last_img read more

Cricket News Aiden Markram Achieves Silver Pair, Gets Out For Two-Ball Duck Twice In Pune Test

first_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. New Delhi: Getting out for a duck is embarrasing for a batsman. Getting out for a pair, meaning duck in both innings of a Test match is the ultimate insult. In cricket, there are terms for pairs in cricket. There is a platinum pair, meaning out without facing a ball twice. There is a golden pair of king pair, meaning out first ball in both innings. However, South Africa batsman Aiden Markram suffered a silver pair, in which he was out for a two-ball duck twice in the Pune Test against India at the MCA stadium.In the first innings, Markram and Dean Elgar opened the batting after India had notched up 601/5 declared thanks to Virat Kohli’s record-breaking, unbeaten 254. After Elgar negotiated Ishant Sharma in the first over, it was Markram’s turn to face the music. After leaving the first ball from Umesh Yadav comfortably, the bowler responded with a full, sharp inswinging delivery that trapped him plumb in front. Markram did not even bother taking the review as the Proteas suffered an early jolt.However, South Africa were boosted by a record ninth-wicket partnership between Keshav Maharaj and Vernon Philander as South Africa reached 275 but India still enforced the follow-on as they were armed with a huge 326-run lead. South Africa came out to bat in the second innings on day 4 and this time, Markram was facing the first over from Ishant.The bowler got a delivery to nip back in close to the off stump with extra bounce as the batsman left the ball uneasily. However, on the second ball, Ishant got the ball to curve back in on middle and leg stump line and Markram played down the wrong line. India appealed and the umpire gave it out. Markram thought about taking a review but time ran out and he was dismissed for a silver pair in Tests. Also Read | Ravindra Jadeja’s Falls Hilariously While Appealing In Pune Test, Gets WarnedTo his horror, Markram realised that had he taken the review, he would have survived as the ball was bouncing over the stumps. Elgar, his opening partner, realised the mistake and South Africa continued to flounder. Markram’s struggles were a symbol of South Africa’s batting woes as India came closer to sealing the series.last_img read more