Lockheed Martin Transfers $4.9 Billion to Athene

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.

This pension de-risking transfer affects some 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.

This is Lockheed’s fourth pension de-risking transfer in the last two years. In 2019, $1.9 Billion was transferred to MetLife; in 2020 Metropolitan Life Tower (a MetLife subsidiary) took on $1.4 Billion in pension liabilities, and in 2018 $800 Million was transferred to Athene.