Standard Life Lines Up £2 Billion to Take Over UK Pension Payouts

Standard Life has launched a venture to take over companies' pension payout responsibilities, backed by up to £2 billion ($2.72 billion) over five years. Think of it as an insurer agreeing to pay retirees' pensions so the original employer no longer carries that risk. A group led by investment firm CVC and Prudential Financial will provide the funding. Each partner's share was not disclosed.