Are final salary schemes being sold to US private equity firms - and do people know enough about pension 'risk transfer' deals?
A while back I wrote this story - with the Bank of England (PRA) saying it was concerned about the use of funded reinsurance in pension buy outs https://www.express.co.uk/news/uk/2009144/pension-expert-issues-warning-use
Pensions adminstrator Aon is pushing for greater disclosure when it comes to – insurers’ use of funded reinsurance – when funding bulk annuities purchases ‘Dear CEO’ letter earlier this year [Link: UK BPA Insurer letter].
My question is - do Newspagers know what kind of finance is included in funded reinsurance - as no one seems to be able to pin it down.
My udnerstanding is that the sale of pension schemes may be being used by US private equity firms to buy into the UK pensions industry by the back door. A move which alothough not necessarily placing pensions at risk might be something people need to know about.
