Irish Defined Benefit Pension (DB) Schemes have completed over €2bn in bulk annuity transactions over the past 6 years of which Irish Life wrote c. 50% of this business. The number of transactions is set to increase as more Pension Schemes consider bulk annuity transactions as a key de-risking tool. Whether you are very well funded or in a funding proposal, preparing for your goals now will improve the process and ease of execution on these strategies. Irish Life have prepared the attached communication for Trustees and Sponsors detailing some of the key steps and considerations with these transactions based on our extensive experience in this market.
Being ‘Data Ready’ is not just good governance for Trustees. It can lead to margins being released and real transaction cost savings. It will also help shape investment choices in preparing for a bulk annuity transaction. We understand that for some this type of transaction may not be an option for many years. However data cleansing takes a lot of effort and time, our message is that it’s better and more cost effective to start early and integrate it into your annual processes.
Please contact Shane Prendergast on the attached document or your portfolio manager at Irish Life Investment Managers and we would be delighted to share our insight and further information.