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The U.S. weapons maker has purchased group annuity contracts from Athene Holding Ltd and will transfer pension obligations and related plan assets for about 18,000 U.S. retirees and beneficiaries to the retirement services provider.

In a pension risk transfer, an insurer takes on a pension plan’s assets and liabilities, and writes a group annuity contract obligating it to pay participants.

In a typical pension risk transfer, a life insurer takes on a pension plan’s assets and liabilities, and writes a group annuity contract obligating it to pay participants.

Insurers taking over a plan typically write a group annuity contract to cover those pensions, which generates payments to the retirees.

The insurers then use a group annuity to make regular payments to the retirees who are entitled to benefits under those pensions.