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Balance Sheet Strengthens with £270m Bulk Annuity

11 May 2017 07:02

RNS Number : 7933E
TP ICAP PLC
11 May 2017
 

11th May 2017

TP ICAP plc

 

TP ICAP strengthens balance sheet with £270m bulk annuity

 

TP ICAP, the world's largest interdealer broker, has agreed a £270m bulk annuity for its defined benefit pension scheme with Rothesay Life. 

 

Following a successful period of investment, both TP ICAP and the Trustees of the Tullett Prebon Pension Scheme have moved to protect the retirement income of its members. 

 

A bulk annuity is an insurance policy through which a pension scheme secures payments to its members in exchange for paying a premium to the insurer. Rothesay Life, which is one of the leading life insurers specialising in providing de-risking solutions to UK defined benefit pension schemes, was chosen following a competitive process.

 

Today's announcement is the latest step in strengthening TP ICAP's balance sheet since December 30, 2016 when it completed the acquisition of ICAP's Global Broking and Information Services Business. In January, TP ICAP successfully issued £500m in debt to refinance the banking facility used to complete the acquisition.

 

Andrew Baddeley, Chief Financial Officer, TP ICAP, said: "I'm delighted to have been able to help the Trustees secure a deal that not only de-risks the group's balance sheet, but also protects the long-term retirement savings of our Pension Scheme's members. This is a clear sign that TP ICAP continues to move forward with its strategy of delivering value."

 

Clive Gilchrist, BESTrustees and Chairman of the Trustees of the Tullett Prebon Pension Scheme, said: "The Trustees' first priority was to secure the future security of our members' benefits and we are pleased to have done so from a position of considerable strength, given the Scheme's strong funding position. Following a comprehensive review of insurance providers, the Trustees chose Rothesay Life on a combination of product structure, price certainty and the long-term security it brings as a low risk regulated insurer."

 

Enquiries:

 

TP ICAP:

Jamie Dunkley

Group Media Relations Director

Jamie.dunkley@tpicap.com

+44 (0) 20 7200 7579

 

Brunswick:

Brian Buckley/ Eilís Murphy

tpicap@brunswickgroup.com

+44 (0) 20 7404 5959

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCAMMPTMBIBBFR
Date   Source Headline
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9th Feb 201110:02 amPRNNotice of Results
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2nd Aug 20107:00 amPRNHalf Year Report
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19th Jul 20109:57 amPRNNotice of Results
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25th May 20109:45 amPRNHolding(s) in Company
24th May 201010:08 amPRNDirector/PDMR Shareholding
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12th May 201011:25 amRNSForm 8.3 - Tullet Prebon PLC
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11th May 20103:10 pmRNSForm 8.3 - Tullett Prebon Plc
11th May 20103:08 pmRNSForm 8.3 - Tullett Prebon Plc
11th May 20102:24 pmRNSForm 8.3 - Tullett Prebon PLC
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10th May 20103:09 pmRNSForm 8.3 - [Tullett Prebon Plc]
10th May 201011:40 amRNSForm 8.5 (EPT/NON-RI) - Tullett Prebon Plc
10th May 201010:29 amRNSForm 8.3 - Tullet Prebon PLC

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