Pension risk transfer

Helping you plan and deliver the right pension risk transfer strategy

Find out more

Our specialist pension 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’re also supplemented by dedicated expertise in the key related areas of investment, longevity and insurer financial strength assessments.

  • 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
     

  • We’ve advised on a wide range of transactions, including processes from over £5 billion 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 full 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’ve also advised several of the insurers in the bulk annuity market.
     

Why Howden?

Pension risk transfer involves balancing technical expertise with commercial judgement. 

Our experience advising both trustees and employers means we understand the priorities of every stakeholder and can help deliver a smoother, more effective transaction.
 

Three friends drinking coffee and smiling

Let's connect

At Howden, we help create pension strategies tailored to your needs and member outcomes.

With experience, market scale and data-led insight at our core, we help ensure our retirement solutions are right for you.

Get in touch

More from Howden