Home > News > 2009 > March 2009 > Barnett Waddingham and MetLife Assurance Limited launch new service
Barnett Waddingham and MetLife Assurance Limited launch new service
Barnett Waddingham and MetLife Assurance Limited have today announced that they have formed a strategic alliance to offer buy-out arrangement specifically designed for smaller pension schemes.
Aimed to streamline what can sometimes be a protracted buy-out process depending on the size and complexity of the scheme, the new “Smaller Scheme Buyout Service” is available to smaller schemes with as low as £5 million in liabilities where Barnett Waddingham has been appointed to advise on the pension risk transfer process.
This partnership between the two companies aims to speed up the key aspects of the process for smaller schemes and to contain costs. Key benefits of the service include:
§ Timely quotations – Barnett Waddingham is able to produce indicative quotations based on MetLife Assurance Limited’s pricing on a timely basis, typically in a matter of days rather weeks.
§ Expedited process with a competitive buy-out price - If a pension scheme is looking to secure smaller liabilities, particularly where these are less than £20 million, this arrangement offers an expedited process, greater certainty and access to a competitive offer.
Paul Jayson, Partner, at Barnett Waddingham commented:
“Whilst 2008 saw an upsurge in the number and size of pension scheme buy-outs, this was not the case at the smaller end of the market. We are delighted to have worked with MetLife Assurance Limited to offer a buy-out service for smaller schemes, which have often struggled to get quotes. Moreover, with less competition at this end of the market, pricing has generally not been as attractive as that seen on some of the larger deals. Our new service aims to address this.”
Dan DeKeizer, Chief Executive, at MetLife Assurance Limited added:
“With this strategic alliance, MetLife Assurance Limited and Barnett Waddingham are working to bring smaller pension schemes the access to the insurance market that their large plan counterparts enjoy. We are pleased to be able to offer trustees and plan sponsors a way to secure guaranteed lifetime annuity benefits for their scheme members.”
For a copy of the full press release or for more information on the service please click on one of the links below
Related DocumentsBarnett Waddingham/MetLife Assurance Ltd PR (301.45 KB, .pdf)MetLife Brochure (487.26 KB, .pdf)