The market for pension de-risking is growing at an un- precedented pace. Today, pension funds in the US, UK and Canada are simultaneously at the highest funded status they’ve experienced in ten years. In addition, these markets have attracted new entrants in pension insurance and reinsurance, so there is ample insurer capacity, vibrant price competition, and attractive buy-in and buy-out pricing.
Furthermore, seven years of lower than expected longevity improvements mean the lowest liability pricing from insurers and reinsurers in a decade. So, pension funds that can afford to de-risk are doing so now with the knowledge that such favorable market conditions are not likely to last forever. We saw more transactions in 2018 in the US, UK and Canada than ever before, and if markets hold we expect 2019 to break records again.
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