A recent report has detailed that smaller pension funds in the United Kingdom are now struggling to obtain the attentions of insurance providers in the current pension risk transfer (PRT) market in Britain.
With an increasing number of sponsoring employers now finding themselves equipped with pension plans that are fully funded on their books and now in a position where they can offload such risk, UK insurers seeking to underwrite annuity business in bulk have a wide selection of choice at their disposal. As a result, in some respects, smaller pension funds are now being crowded out of the PRT market.
While the current market is still attempting to make room for smaller pension schemes to gain interest of insurers, experts believe the process must be made easier for all involved. Effectively, this means that, given the present market, now more than ever it is vital for smaller funds to make certain that they are ready to transition to a PRT deal, with completely clean data as well as terms and conditions agreed to that both the pension fund and the insurers find acceptable.
UK consumers interested in pension funds often take expert financial advice in Chester, Shropshire and other regions of the country from specialist wealth managers. Taking a comprehensive approach to financial advice and offering independent guidance, wealth management teams can advise on a wide range of areas including pensions, savings, retirement and estate planning, along with protection and portfolio management.
