August 9, 2018 / 10:09 AM / 7 days ago

UK H1 bulk annuity sales hit record $10 bln-LCP

LONDON, Aug 9 (Reuters) - UK pension bulk annuity sales hit a record 7.8 billion pounds ($10.05 billion) in the first half, consultant LCP said on Thursday.

Bulk annuities, which involve the transfer to an insurer of UK company defined benefit, or final salary, pension schemes, have become more popular as many schemes are in deficit and companies are looking to offload risk.

Pension Insurance Corporation wrote the largest volume of bulk annuities, at 3.3 billion pounds, LCP said in a statement.

$1 = 0.7760 pounds Reporting by Carolyn Cohn; editing by Maiya Keidan

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