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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 Have you thought about what your consultants do for you?
    Have you thought about what your consultants do for you?

    New draft regulations were published recently by TPR, in order to help pension trustees set objectives for their investment consultancy provider. Ian Mills provides further insight on this and advises on actions trustees should take to meet requirements.

  • Picture for Building a modern growth portfolio
    Building a modern growth portfolio

    Building a modern growth portfolio - Have Diversified Growth Funds actually disappointed? Jemma Arfield and Chris Binns explore whether investors are expecting too much.

  • Picture for The UK’s largest schemes significantly downsize equity holdings
    The UK’s largest schemes significantly downsize equity holdings

    Our Big Schemes survey shows a significant reduction in the equity holdings of the UK’s largest schemes. While equity allocations have been reducing over a number of years, the step change seen in the last year suggest there are other forces at play.

  • Picture for Where are FTSE 350 companies on the endgame journey?
    Where are FTSE 350 companies on the endgame journey?

    Over 2019, market changes have resulted in an increase in the aggregate deficit - for many, this will push out the timescales to buyout. This highlights the importance of having in place a robust monitoring process to ensure opportunities are captured.

  • Picture for Big schemes – DB pensions heading for the endgame
    Big schemes – DB pensions heading for the endgame

    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.

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