Calling time

Pension Buyouts

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Port authorities, record companies, distillers, casino operators - this diverse mix of businesses are connected by one thing: 2008 has seen a firm from each sector off-load pension liabilities to a bulk purchase annuity (BPA) provider. And even this has not been uniform - some have washed their hands of the entire scheme, and others have simply hedged their longevity exposure. The permutations of this process are potentially endless.

The unifying factor is that all these deals are long term. Even

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