Retraite
Rentes collectives
Buy-ins et buy-outs qui transfèrent tout ou partie des engagements envers les retraités d'un régime à prestations définies hors du bilan du sponsor.
Ladies View, comté de Kerry · Marco Ober, CC BY-SA 4.0
À qui il s'adresse
Trustees et sponsors de régimes, et leurs courtiers
Ce qu'il fait
- Buy-in retraités et buy-out complet du régime
- Accompagnement au nettoyage des données avant engagement du prix
- Verrouillages de prix et transferts d'actifs en nature étudiés
- La communication aux affiliés est assurée conjointement avec les trustees
Le produit en détail
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.
Documentation
La documentation produit est remise aux intermédiaires accrédités. Demandez-la à votre souscripteur, ou demandez-la via le formulaire de demande.
- Guide de dérisquageSur demande
- Liste des données requisesSur demande
Comment cela fonctionne
Ce qui se passe, dans l'ordre
De la première demande jusqu'à la mise en place de la garantie, du contrat ou de la ligne.
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.
Les chiffres
Un exemple chiffré
Des calculs donnés à titre indicatif, pour que la structure du produit se voie plutôt qu'elle se décrive. Rien ici n'est une offre ni une projection.
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.
Voir ces chiffres sous forme de tableau
| Valeur | |
|---|---|
| Best estimate liability | £40m |
| Indicative price — Uncleansed data | £41.8m |
| Committed price — Cleansed data | £40.6m |
Adéquation
Où Rentes collectives trouve sa place
Les cas auxquels il répond, ceux auxquels il ne répond pas, et ce qu'un souscripteur demande avant de tarifer.
C'est la bonne réponse lorsque
- 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.
Il faut regarder ailleurs lorsque
- Schemes that intend to continue running — the Defined Benefit Pensions service administers those.
- Liabilities below the £5m minimum.
Ce qu'il nous faut pour tarifer
- 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.
Questions
Ce que les courtiers nous demandent sur ce produit
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.
Demander des informations
Interrogez-nous sur Rentes collectives
Le formulaire parvient à un souscripteur à Dublin. Si vous êtes intermédiaire, dites-le et nous l'orienterons vers le bureau courtiers.