(Photo: Prudential)
Lockheed Martin Corp. is using group annuities from The Prudential Insurance Company of America and Athene Annuity and Life Company to transfer about $2.6 billion in pension obligations.
(Related: Pension Risk Transfer Volume Falls)
Lockheed Martin is transferring $1.8 billion in pension obligations for 32,000 retirees to Prudential, which is a unit of Prudential Financial Inc.
Prudential says its pension risk transfer business is making $10 billion in pension payments per year to about 1 million retirees and beneficiaries.
The defense contractor is also transferring $800,000 in pension obligations for 9,000 retirees to Athene Annuity, which is part of Athene Holding Ltd.
Athene says it closed a total of $2.6 billion in pension risk transfer deals for 90,000 annuitants in 2018.
— Read S&P Eyes Pension Risk Transfer Business, on ThinkAdvisor.
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