Barnett Waddingham and MetLife Assurance have formed a strategic alliance to offer a buyout arrangement specifically designed for smaller pension schemes.
Aimed at streamlining what can be a protracted buy-out process (depending on the size and complexity of the scheme) the new ‘Smaller scheme buyout service’ is available to pension schemes with as low as £5 million in liabilities.
Key benefits of the service include:
- Timely quotations: Barnett Waddingham is able to produce indicative quotations based on MetLife Assurance’s pricing on a timely basis, typically in a matter of days rather weeks.
- Expedited process with a competitive buyout price: If a pension scheme is looking to secure smaller liabilities, particularly where these are less than £20 million, this arrangement offers an expedited process, greater certainty and access to a competitive offer.
Paul Jayson, partner, at Barnett Waddingham commented: “While 2008 saw an upsurge in the number and size of pension scheme buyouts, this was not the case at the smaller end of the market. With less competition at this end of the market, pricing has generally not been as attractive as that seen on some of the larger deals.”
Dan DeKeizer, chief executive, at MetLife Assurance Limited added: “With this strategic alliance, MetLife Assurance and Barnett Waddingham are working to bring smaller pension schemes the access to the insurance market that their large plan counterparts enjoy. We are pleased to be able to offer trustees and plan sponsors a way to secure guaranteed lifetime annuity benefits for their scheme members.”