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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 from approximately £800 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

  • Picture for GMP equalisation in transfer values
    GMP equalisation in transfer values

    John Cormell focuses on our approach in considering the specifics of each scheme and to only implement GMP equalisation in transfer values where appropriate and agreed by the trustees.

  • Picture for How trustees can help members determine the best options at retirement
    How trustees can help members determine the best options at retirement

    Trustees of defined benefit (DB) pension schemes face a quandary. How can they best help members make good decisions when it comes to accessing their pension benefits, ask Barnett Waddingham’s Jane Ralph and Liam Mayne?

  • Picture for The long and winding road of GMP equalisation
    The long and winding road of GMP equalisation

    Pension schemes have sunk much cost and effort into dealing with GMPs and there could be years still to go. Barnett Waddingham’s Richard Gibson sets out what to expect on the final part of the journey.

  • Picture for Big schemes – DB pensions heading for the end game
    Big schemes – DB pensions heading for the end game

    Barnett Waddingham’s annual analysis of DB schemes in the UK (with assets over £1bn) is now available. As the only research of its kind, it highlights the continued decline in DB schemes and the shifting focus of employers towards the DB pensions endgame.

  • Picture for The £24 billion bulk annuity market: an upward trend
    The £24 billion bulk annuity market: an upward trend

    Bulk Annuities: Where next in the de-risking journey? The bulk annuity market hit new heights in 2018. For the first time in history pension scheme buy-in and buy-out transactions exceeded £20bn.

  • Picture for Exploring European companies with UK schemes
    Exploring European companies with UK schemes

    This survey relates to constituent companies of the Dutch AEX, French CAC40, German DAX, Spanish IBEX, Italian FTSE MIB and Scandinavian OMX share indices that have UK subsidiary companies with defined benefit (DB) pension schemes.

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