JLT Pension Capital Strategies

An increase in liabilities across UK defined benefit schemes in March wiped out improvements in funding levels reported over the last quarter, according to research from JLT Pension Capital Strategies.

JLT Pension Capital Strategies head of buyouts Martyn Phillips looks at how medically underwritten bulk annuity deals could cut the cost of de-risking.

Partnership has completed two medically underwritten buy-ins in a development academics say could kick-start a £380bn market.

UK pension funds finished 2012 in slightly better health than they began the year after a rise in asset values pushed average funding ratios to 90%, according to JLT Pension Capital Solutions.

More than £900m bulk annuity transactions were agreed between July and September 2012, bringing total business to £2.5bn in the year so far.

The deficit across private sector pension schemes has climbed by £20bn since October 2011, JLT Pension Capital Strategies research reveals.

Activity in the bulk annuity market picked up last month after a slow start to the year, says Towers Watson.

The liabilities of the FTSE350's schemes have reached 35% of their sponsoring employers' combined market capitalisation, Aon Hewitt says.

The industry has welcomed the code of conduct on enhanced transfer value exercises and pension increase exchanges, but questions remain over how it will impact take-up of offers.

JLT Pension Capital Strategies has appointed Martyn Phillips as head of buyout consulting from 2 April.