Pension buy-in/buy-out breakfast briefing (larger schemes)
1 November 2011 8:20AM

Buy-in/buy-out for larger schemes.

This briefing is now fully booked.

Please register here for the repeat session on 6 March 2012.

January 2012 marks the fifth anniversary of the first £100m "new style" pensioner buy-in, which LCP designed and executed for Hunting plc. Since then, there have been more than 50 buy-in and buy-out transactions over £100m. This briefing assesses market opportunities for pension schemes looking to execute buy-ins and buy-outs between £100m and £1bn. The session will address topics including:

• How buy-in and buy-out compare to managing risk in the pension scheme.
• How will shareholders and investors react to a transaction?
• Designing a suitable governance process with input from the company and the trustees.
• How to achieve the best commercial terms and price.
• The pros and cons of additional protections - such as collateralisation and the option to exit the contract if the insurer gets into financial difficulties.
• How to maintain insurer focus and execute quickly when your target price is met.

Guest Speaker

Martin is the Director of Finance and Risk for the GSK UK Pension Schemes, and Secretary to the Trustee for the GSK Common Investment Fund. He worked closely with LCP in the structuring of GSK's £900m buy-in with Prudential in late 2010. Martin takes over as Chairman of the Investment Council of the National Association of Pension Funds in October 2011.

This briefing is appropriate for Chief Executives, Chief Financial Officers, Finance Directors, Non-Executive Directors, Chairman of Trustees and other senior corporate decision-makers looking at buy-in and buy-out as part of their pension de-risking strategy.