What You Need to Know
- The company has assumed responsibility for the retirement income owed to 18,000 Lockheed Martin pension plan beneficiaries.
- The company says the pipeline for commercial pension risk transfer deals looks strong.
- Athene has assumed responsibility for pension obligations for a total of about 300,000 people since 2009.
Athene Holding Ltd. has agreed to assume responsibility for $4.9 billion in pension benefits owed to about 18,000 Lockheed Martin pension plan participants.
All of the participants involved in the pension risk transfer deal are already collecting pension benefits, Athene announced Tuesday.
Two Athene insurance company subsidiaries will implement the transfer using a combination of a large group annuity and individual annuity certificates, according to the announcement.
Athene is a Hamilton, Bermuda-based annuity issuer that was founded in 2009 and now has about $206 billion in assets.
In 2018, the company assumed responsibility for $800 million in pension obligations owed to about 9,000 Lockheed Martin retirees and beneficiaries.
Lockheed Martin is an aerospace and defense company with about 114,00 employees.
Over the years, Athene has handled pension risk transfer arrangements for a total of about $19 billion in pension obligations owed to 300,000 annuitants.