Jubilación
Rentas colectivas
Buy-ins y buy-outs que transfieren parte o la totalidad de los compromisos con los pensionistas de un plan de prestación definida fuera del balance del promotor.
Ladies View, Co. Kerry · Marco Ober, CC BY-SA 4.0
Para quién es
Fiduciarios y promotores de planes, y sus corredores
Qué hace
- Buy-in de pensionistas y buy-out completo del plan
- Apoyo en la depuración de datos antes de comprometer el precio
- Se estudian bloqueos de precio y transferencias de activos en especie
- Las comunicaciones a los miembros se gestionan conjuntamente con los fiduciarios
El producto en detalle
A defined benefit scheme is a long-dated, uncertain liability sitting on a corporate balance sheet, and most sponsors would rather it were not there. A bulk annuity moves it. In a buy-in the trustees purchase an insurance policy that pays the pensions, and the scheme continues to exist holding that policy as an asset; in a buy-out the members become policyholders of the insurer directly and the scheme is wound up.
The commercial process is dominated by data. A scheme’s liability is only as knowable as its member records, and pricing committed against uncleansed data is a risk the insurer has to charge for. So the sequence is deliberate: indicative pricing on the data as it stands, a cleanse, then committed pricing on the cleansed file. Schemes that skip the middle step generally pay for it in the price.
Transitions can be settled in cash or by transferring assets in specie, and a price lock can hold the terms while the trustees complete their own governance. Member communications are handled jointly, because the members hear from the trustees they know rather than from an insurer they have never dealt with.
Documentación
La documentación de producto se facilita a los intermediarios acreditados. Pídala a su suscriptor o solicítela mediante el formulario de consulta.
- Guía de reducción de riesgosA petición
- Relación de datos requeridosA petición
Cómo funciona
Qué ocurre, en orden
Desde la primera consulta hasta el momento en que la cobertura, el contrato o la línea queda en vigor.
Scope and structure are agreed
Pensioner buy-in, full buy-out, or a phased programme. From £5m of liabilities.
Indicative pricing on the data as it stands
Enough to tell the trustees whether the transaction is affordable before anyone spends money on it.
The data is cleansed
Marital status, addresses, benefit specifications, GMP equalisation. This is where most of the value is created.
Committed pricing, and a price lock if wanted
Firm terms on the cleansed file, held while the trustees complete their governance.
Transition and member communication
Cash or assets in specie, and a communication plan run jointly with the trustees.
Las cifras
Un ejemplo resuelto
Cálculos ilustrativos, para que la forma del producto se vea en lugar de describirse. Nada de lo que aquí figura es una oferta ni una proyección.
A £40m pensioner buy-in
The stages of a representative transaction, with an illustrative effect from cleansing the data.
- Pensioner liabilities in scope
- £40,000,000
- Members covered
- 620
- Indicative price on uncleansed dataCarries a loading for what the file does not yet tell us
- £41,800,000
- Data cleanse
- 9 weeks
- Committed price on cleansed data
- £40,600,000
- Illustrative effect of cleansing
- £1,200,000
- Settlement
- Cash and gilts in specie
- Price lock
- Held to the trustee meeting
Illustrative and not an offer. Real bulk annuity pricing depends on the member profile, the benefit specification, the asset mix offered in settlement and market conditions on the pricing date. The cleanse effect shown is representative of what better data is worth, not a promise about any scheme.
Indicative against committed pricing
The same £40m liability, before and after the data cleanse.
Ver estas cifras en una tabla
| Valor | |
|---|---|
| Best estimate liability | £40m |
| Indicative price — Uncleansed data | £41.8m |
| Committed price — Cleansed data | £40.6m |
Idoneidad
Dónde encaja Rentas colectivas
Los casos que resuelve, los que no, y lo que un suscriptor necesita antes de tarificar.
Es la respuesta adecuada cuando
- Schemes with £5m or more of pensioner liabilities.
- Sponsors who want the liability off the balance sheet in stages or in full.
- Trustees prepared to invest in a data cleanse before committing.
Conviene mirar otra cosa cuando
- Schemes that intend to continue running — the Defined Benefit Pensions service administers those.
- Liabilities below the £5m minimum.
Lo que necesitamos para tarificar
- 1.The benefit specification and the trust deed and rules.
- 2.A member data file: dates of birth, marital status, pension amounts, increase bases.
- 3.The latest actuarial valuation, and the assets available for settlement.
Preguntas
Lo que los corredores nos preguntan sobre este producto
What is the difference between a buy-in and a buy-out?
In a buy-in the trustees hold the policy as a scheme asset and remain responsible to members. In a buy-out the members become the insurer’s policyholders and the scheme can be wound up.
Why does data quality change the price?
Because an insurer prices what it can see. Unknown marital status, unspecified increase bases and unequalised GMPs all have to be assumed conservatively, and the assumption costs money.
Can assets be transferred instead of cash?
Yes, in specie transfers are considered — gilts most readily. It avoids the trustees selling assets to raise cash and then the insurer buying similar ones back.
Jubilación
Otros de esta gama
Solicitar información
Consúltenos sobre Rentas colectivas
El formulario llega a un suscriptor en Dublín. Si es intermediario, indíquelo y lo dirigiremos a la mesa de corredores.