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Listed specialist annuity provider Partnership Assurance Group has completed a £23m medically underwritten bulk annuity deal.

Costas Yiasoumi, director of defined benefit solutions for Partnership, said that the deal, which involves derisking approximately 140 members of a shipping firm’s pension scheme, could be part of a bigger trend.

He said: “As momentum builds, we expect to see increasing numbers of pension schemes choosing to de-risk pensioners via medical underwriting rather than seeking a traditionally priced bulk annuity.”

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