Verizon to move $7.5bn in pensions to a Prudential annuity

Verizon Communications Inc. has agreed to transfer about $7.5 billion in management pension plan obligations to Prudential Financial Inc., as the telecom heavyweight looks to improve its long-term term financial profile.

Under the agreement, Verizon's management pension plan will purchase a group annuity contract from Prudential Insurance Co. of America, which