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Defined benefit (DB) pension plans that are open to new members are now in the minority, and over the last couple of years there has been a dramatic change in the market for settling pension liabilities. For example, there has been a substantial increase in market capacity for bulk annuities as a result of new insurers entering the market place, and an increase in the number of large deals with more than 10 in excess of £100 million.
It is now a common objective for many companies and trustees with closed DB plans to reduce risk and, ultimately, de-risk the pension scheme altogether, and there are a number of options available to achieve this. Settlement projects deliver both real risk reduction and also a timetable and action plan for eliminating pension risk from the company financial statements, whilst simultaneously fulfilling the trustees’ obligation to pay the pensions that have been promised.
Our services
Watson Wyatt offers a comprehensive range of services to clients looking to settle their pension liabilities wherever they may be along the journey to settlement. We have a unique combination of expertise in employee benefits, investment, insurance markets, administration and employee communications to design solutions and deliver risk reduction.
We offer three types of service, depending on what settlement stage you are at. Our third-party risk transfer service helps you negotiate and implement your settlement transaction now. If you are looking to settle in the future, our settlement journey planning service provides you with a comprehensive plan to take you from current state to ultimate settlement. Our implemented settlement solutions service takes care of managing the journey to settlement for you, carrying out all the necessary steps along the way.
Figure 1 | Our settlement services
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