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Barnett Waddingham
0333 11 11 222
Our specialist bulk annuity team has extensive experience of advising both trustees and companies on all aspects of buy-outs and buy-ins, encompassing both traditional and medically underwritten bulk annuity processes.

Our team has strong ongoing relationships with all of the bulk annuity providers in the market, enabling us to develop bespoke deal solutions and ensuring our clients are aware of any offerings which can help them transact more efficiently and cost effectively.

We are also supplemented by dedicated expertise in the key related areas of investment, longevity and insurer financial strength assessments.

Working in partnership with you, we can advise on all aspects of the de-risking process including:

  • preparation and feasibility ensuring your scheme is in position to achieve the maximum level of insurer engagement
  • process support and project management thorough planning to deliver the critical steps within the desired timescales 
  • price negotiation and deal structuring using our close insurer relationships and market knowledge to secure the best possible terms
  • due diligence of insurers helping you understand the regulatory environment, insurer risk and financial strength

Our combination of trustee and company experience allows us to understand the perspective of both parties in a bulk annuity transaction, helping to facilitate a smoother process whilst achieving the underlying aims for our client and the pension scheme overall.

We recognise that the nature of bulk annuity deals is similar to other corporate/scheme transactions, where there is a need to be flexible, to respond quickly and to provide the appropriate level of support.


Recent client engagements:
  • We have advised on a wide range of transactions, including processes in excess of £300 million through to transactions of under £5 million. This includes schemes relating to a number of large firms and multinationals based in the UK and overseas, as well as small to medium sized companies.
  • We have also advised several of the insurers in the bulk annuity market.

Related knowledge and resources

Blogs

  • Buy-outs and buy-ins - Summer 2017

    It has been a steady start for the UK bulk annuity insurers in the first part of 2017. For schemes considering a partial transaction, pensioner pricing continues to look attractive relative to gilt yields.

  • Buy-outs and buy-ins - Spring 2017

    Final reporting from the insurers for 2016 confirmed a flurry of activity in the last quarter of the year, with a significant amount of transactions completed. This resulted in total business with UK pension schemes of just over £10.2bn for 2016.

  • Buy-outs and buy-ins – Winter 2016

    Significant bulk annuity and reinsurance transactions in the second half of the year see 2016 become another substantial year for the bulk annuity providers.

  • De-risking without significant increases deficit recovery contributions

    As part of their most recent actuarial valuation, Tate & Lyle were seeking to continue to de-risk their £1 billion legacy DB pension scheme, but without a significant increase in deficit recovery contributions.

  • 'Top-Slicing' Medically Underwritten Buy-in

    We jointly advised trustees and company on a medically underwritten pensioner buy-in achieving very significant savings of >10% relative to traditional approach – successfully securing around £25m of the pensioner liability at no additional funding cost.

  • Innovative buy-out

    We carried out an innovative buy-out for part of the Lloyd’s Superannuation Fund (LSF), a £500m multi-employer defined benefit scheme associated with the Lloyd’s of London insurance market.

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