Lockheed Martin transferred $4.9 billion in pension obligations to two of Bermuda based Athene’s subsidiaries, Athene Annuity and Life Company and Athene Annuity & Life Assurance Company of New York. This is Lockheed’s second pension risk transfer transaction with Athene, and s is Lockheed’s fourth pension de-risking transfer in the last two years. In 2019, $1.9 Billion in pension liabilities was transferred to MetLife; in 2020 Metropolitan Life Tower (a MetLife subsidiary) took on $1.4 Billion of Lockheed’s pension liabilities, and in 2018 $800 Million was transferred to Athene.
This latest pension de-risking transfer affects approximately 18,000 participants of Lockheed Martin’s pension plan who are currently receiving benefits. Beginning on January 1, 2022, Athene will take over the payment and administration of retirement benefits for these 18,000 retirees and their beneficiaries.