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Mitchells & Butlers agrees $860 mln pension protection provide with L&G

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Patrons are witnessed at a desk exterior The Island Queen pub, which is function by Mitchells & Butlers in Islington, London, Britain, September 24, 2020. REUTERS/Simon Newman/File {Photograph}

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LONDON, Dec 21 (Reuters) – British pub operator Mitchells & Butlers (MAB.L) has agreed a 650 million kilos ($860 million) pension insurance coverage coverage take care of Lawful & Commonplace (LGEN.L), L&G talked about on Tuesday.

The deal insures all associates within the Mitchells & Butlers Authorities Pension Program, British insurer L&G reported in a assertion.

British companies have been having to pay insurers to get on the hazard of their outlined reward, or ultimate wage, pension methods in newest a number of years by way of the so-named bulk annuity sector, because the methods are excessive priced to function, and many are in deficit.

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Insurance coverage insurance policies allows corporations to amass pension danger off their stability sheets.

The majority annuity business will potential see a decreased good thing about transactions this 12 months than final, market specialists say, attributable to a deficiency of giant – a single billion pound-plus – promotions.

Even so, the pipeline continues to be potent, they insert.

($1 = .7558 kilos)

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Reporting by Carolyn Cohn
Modifying by Mark Potter

Our Necessities: The Thomson Reuters Depend on Guidelines.

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