BACB

A strong participation rate resulted in 95% of liabilities being medically underwritten.

44 scheme members were approached – and a good participation rate resulted in 95% of liabilities being medically underwritten. A buy-in transaction for a £12m tranche of liabilities was completed under the £60m pension scheme. Partnership won the contract.

“With JLT Employee Benefits advising us, we were able to achieve a competitive price by selecting Partnership Assurance and we are pleased with how streamlined the process was.” – Graham Wardle, chairman of the trustees, BESTrustees.

“This new process for completing underwritten buy-in transactions is an important step for schemes looking to de-risk in the most cost-effective way.” – David Barratt, buy-out consultant, JLT Employee Benefits.

“A common approach to the collection of health and lifestyle information from members will ensure that schemes wishing to de-risk through an underwritten exercise will now have a choice of insurers and can be confident of attaining a competitive price.” – Will Hale

Our clients say:

“Given the often complex and technical nature of financial planning, we must do what we can to demonstrate and be seen as a trusted ‘safe pair of hands’. The current regulatory focus on vulnerability provides a timely opportunity to improve how we can recognise and address vulnerable circumstances, whilst also demonstrating individual care and empathy. Good practice principles and the use of fintech, such as the MorganAsh MARS tool, can greatly improve our ability to assess, store and communicate vulnerability across and between organisations.”

Keith Richards, Chair of the Financial Vulnerability Task Force