By Chris Hawley, Risk Transfer Partner at Barnett Waddingham

However, the views of the sponsor are important for any bulk annuity purchase and they should be involved from the outset, particularly if additional funds need to be paid into the scheme.

Traditional approach
In our experience, most bulk annuity transactions have been led by a risk transfer advisor selected by the trustees – be that an existing advisor or an external firm brought in to support this project.

One of two approaches is typically taken:

1. A Joint Working Group (JWG)

A JWG would include representation from both the trustee board and sponsor.

In some cases, the trustees’ risk transfer advisor...Read More

The Pensions Regulator (TPR) launched its latest anti-scam campaign on 10 November, calling on administrators, providers and trustees to play their part in stopping fraudsters and signing up to the pledge to combat pension scams.

A month on from the campaign’s launch, 117 pledges have been made, including three master trusts, which alone represent 50,000 savers.

A further 37 of those that pledged have also self-certified to confirm they have adopted stringent practices on due diligence, member warnings and reporting scams demanded by the pledge campaign.

To make the pledge trustees, providers and administrators agree to:
1. regularly warn members of the risk of scams
2. encourage those requesting cash drawdown to call The Pensions A...Read More