Friday, July 30, 2010

BMW to offload UK grant liabilities to Deutsche

LONDON Sun Feb 21, 2010 8:00pm EST Related News CORRECTED-Assn formed to move longevity risk to capital marketsTue, Feb 2 2010BMW looks at insuring UK pension liabilitiesMon, Feb 1 2010UPDATE 1-BMW looks at insuring UK pension liabilitiesMon, Feb 1 2010BMW in talks to offload UK pension liabilities: reportSun, Jan 31 2010Association formed to transfer longevity risk to capital marketsSun, Jan 31 2010 Stocks & &

LONDON (Reuters) - German car maker BMW (BMWG.DE) is set to announce a deal on Monday to offload 3 billion pounds ($4.62 billion) of longevity risks from its UK pension scheme to Deutsche Bank (DBKGn.DE), the Financial Times reported.

Deals

The German bank"s insurance subsidiary Abbey Life will carry out the deal, which was structured with British pension insurer Paternoster, the paper said.

No one at Deutsche Bank or BMW could immediately be reached for comment.

BMW"s defined benefit pension fund had 4.4 billion pounds in liabilities and a 584 million deficit according to its last valuation report in April 2007.

(Reporting by Caroline Copley; Editing by Bernard Orr)

Deals

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