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PIC completes 190 mln stg buyout for GKN Group Pension Scheme

Reuters - UK Focus

LONDON, Jan 5 (Reuters) - Specialist insurer Pension Insurance Corporation has completed a 190 million pound ($233.34 million) pensioner buyout for the GKN Group Pension Scheme, it said on Thursday.

The buyout covers certain current pensioner members of the scheme, who will eventually leave the scheme and become PIC policyholders, PIC said in a statement.

The remaining members of the scheme have been transferred to a new GKN (Frankfurt: 694194 - news) pension scheme and the existing scheme is being wound up, PIC added.

Falling bond yields have increased the pension deficits of UK companies, encouraging them to complete deals with insurers to offload their pension risk.

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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.

($1 = 0.8143 pounds) (Reporting by Carolyn Cohn, Editing by Maiya Keidan)