Getting the right price
When considering buy-in as an option, your starting point is to obtain the right price for your scheme. Beacon is our streamlined solution that helps you move swiftly to buy-in when market conditions are in your favour. It’s a simple three-step process:
- Streamlined pricing – trustees populate our Beacon template with member data. The cleaner the data, the more accurate your quote will be. But we can give you an initial quote based on the data you have now. You’ll typically get this within a few weeks.
- Price monitoring – we’ll continuously monitor your data and give you a new quote every month, so you can act when the time is right. There’s no obligation until you’re ready to transact.
- Guaranteed quote – you tell us when the price is right and meets your budget goals. We'll then lock it in and send you a contract for your lawyers to review. With our transparent price lock mechanism, you’ll have peace of mind until the contract is signed.
Some pension schemes are more complex and may need a more bespoke treatment. Whether your scheme is big or small, we embrace the complicated. We’ll work with you to find the right solution.
The transition process – Cleansing your data
Once the contract is signed, you’ll get a dedicated transition manager. They’ll be your point of contact and manage the overall process to buy-in.
A successful de-risking strategy is built on complete and accurate member data. Data with any gaps will prolong the process and cost money. Your transition manager will work with your administrator to cleanse your data and get it into shape. This includes checking, updating and filling gaps in members’ addresses, marital status, death records and benefit arrangements.
The transition process – investments
During the transition process, we’ll reinvest your scheme’s assets and make monthly funding payments to your scheme. Our investment team ensures our assets generate steady cash flows to meet our retirement income commitments. We match long-term liabilities with lifetime mortgage loans, infrastructure and other investments, and short-term liabilities with bonds and UK sovereign debt. This ensures assets and liabilities are aligned and trustees know their members’ pensions will always be paid.
De-risk complete
At the end of the buy-in process, your pension scheme is de-risked. This means you’ve transferred the risks associated with your pension scheme, such as investment volatility and inflation risk, over to us. It is the first step towards achieving a better later life for your members.
