The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.
Two consultancies predict a further acceleration in the bulk annuity market in 2019. Kim Kaveh looks at what schemes should consider.
The Reuters Pension Fund has completed a £625m full pensioner buy-in with Canada Life in the insurer's largest ever deal.
Defined benefit (DB) schemes are set to shear themselves of over £300bn of liabilities between 2019 and 2021 as they continue to mature, Mercer predicts.
The bulk annuity market is set to grow to historically high levels in 2019 with £30bn worth of deals expected over the year, according to Willis Towers Watson (WTW).
Insurers are set to face a "flood of requests" from pension schemes for buy-in contracts to be restructured to allow for guaranteed minimum pension (GMP) equalisation, Aon warns.
The pension insurance market could be set for another record-breaking next year as schemes are already "in the queue" for deals at the start of next year, says Hymans Robertson.
Significantly improved funding levels and bulk annuity options have brought forward the need for defined benefit (DB) trustees to renew their focus on endgame planning.
Sales in Pension Insurance Corporation's (PIC) bulk annuity business rose by 73% compared to the same period last year, its half-year results have revealed.
Sales in Aviva's bulk purchase annuity business totalled £1.5bn in the first half of 2018, its half-year results have revealed.