Pension Risk Transfer

Our specialist risk transfer team has extensive experience of advising both trustees and companies on all aspects of risk transfer options, encompassing both traditional and medically underwritten bulk annuity processes, as well as consolidators and capital backed journey plans.

Our team has strong ongoing relationships with all of the bulk annuity providers in the market, and Clara-Pensions, the first regulator-approved consolidator, 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 engagement from risk transfer providers
process support and project management to deliver the critical steps within the desired timescales
price negotiation and deal structuring using our close risk transfer provider 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

Recent risk transfer client engagements

We have advised on a wide range of transactions, including processes from approximately £900 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 played a central role in the successful completion of the first superfund consolidator deal completed between Sears Retail Pension Scheme and Clara-Pensions that provides £30m of new capital to increase the security of members’ benefits.
We advised the trustees of the Thomas Cook Pension Plan on a transaction to insure £900m of liabilities with Aviva, securing benefits for over 12,500 members.
We advised the Trustees of the Westminster Abbey 1972 Retirement and Death Benefits Scheme on their f ull scheme buy-in with Pension Insurance Corporation (PIC).
We led the £440 million P&O Pension Scheme buy-in with Rothesay.
We advised the trustees on transactions to insure £850m of liabilities with Aviva, securing benefits for 8,800 members of the Arcadia Group and Arcadia Group Senior Executive Pension Schemes.
We worked closely with Open Trustees to secure the best possible outcome for Old British Steel Pension Scheme (OBSPS) members, identifying the scheme as a potential candidate for wind-up outside the PPF, then putting in place a strategy to manage the asset risk whilst the scheme prepared for the transaction.
Our Pension Administration and Pension Executive & Management Services teams played a supporting role in concluding the £870 million full buy-in of the De Beers Pension Scheme.
We acted as actuarial, administration, investment and risk transfer advisers for the £25m full buy-in of the Contship Containerlines Scheme.
We have also advised several of the insurers in the bulk annuity market.

We are experts in providing the following executive pension services:

reviews of pension arrangements of senior staff at various organisations, including Banks, Insurers, Schools, Universities, Local Authorities County Councils, FTSE 350 companies, SME’sand members of various other Public Sector schemes
guidance on setting up unfunded and unapproved pension arrangements

If you need support on tax efficient pension provision and retirement planning, get in touch with us today.

Our combination of trustee and company experience allows us to understand the perspective of both parties in a risk transfer 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 risk transfer 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.