
Buyout
An insurance policy issued to each pension scheme member individually which enables the scheme to wind up
What is a buyout?
A buyout is a financial arrangement where an insurance company, like ours, takes over the responsibility of insuring benefits and directly paying members of a pension scheme.
This ensures that members’ benefits are secure and paid as promised, relieving the original employer from managing the complexities of the pension fund, and allowing trustees to wind-up the scheme.
Buyout at a glance
Removes the risks of investment, longevity, interest rate changes and inflation for the members covered by the policy.
Typically covers all members of the scheme, both deferred and current pensioners. We issue the member with an annuity policy and pay the member directly.
Additional cover can be bought to cover additional risks, for example missing beneficiaries and/or data errors, providing more certainty for trustees and sponsoring employers.
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