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Vol 21 No 9 Sept/Oct 2016

Book of the Month

Cover of Goode on Commercial Law

Goode on Commercial Law

Edited by: Ewan McKendrick
Price: £170.00

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Buy-outs and Buy-ins: The Elimination of Defined Benefit Pension Scheme Liabilities

Edited by: Steven Hull

ISBN13: 9781905783267
Published: November 2009
Publisher: Globe Law and Business
Country of Publication: UK
Format: Hardback
Price: £109.00

In stock.

The buy-out market, whereby pension liabilities are transferred to a third-party specialist, has changed dramatically in recent years. Many new market entrants have sought to provide opportunities to employers to reduce or eliminate their exposure to defined benefit pension scheme liabilities in a cost effective fashion.

Increases in anticipated longevity, combined with historically low interest rates and poor equity returns, have resulted in substantially increased costs for employers. Together with the credit crunch, the collapse of high-profile banking institutions and a deteriorating economy, they provide yet further reasons for employers and trustees to seek to protect defined benefit liabilities.

Buy-outs (and their alternative, buy-ins) have represented an attractive opportunity for trustees and employers alike in seeking to eliminate such exposure. The number of new market entrants and the new 'non-insured' buy-out model have generated considerable competition and a significant reduction in buy-out and buy-in cost.

This timely new title covers topics such as the attractions of the current buy-out market, the non-insured buy-out option, the FSA regulated market and the elimination of pension scheme liabilities, as well as an overview of the buy-out market in selected countries.

This book is aimed at a cross-section of the pension market and is intended to be of practical use to trustees, employers, advisers, administrators and other pension stakeholders in providing a comprehensive guide to how best to tackle the thorny issue of eliminating defined benefit scheme liabilities.

Pensions Law
Preface- Ashurst;
Background and evolution of today's buy-out market- Lucida plc;
Attractions of the current buy-out market- Herbert Smith LLP
Other methods of eliminating defined benefit pension scheme liability- Lovells LLP
The FSA regulated market- Paternoster UK Limited
The occupational pensions regulated market and the non-insured buy-out option- Pension Corporation LLP
Trustee and employer perspectives
The trustee's perspective- Pitmans Trustees Limited
The employer's perspective- Mayer Brown
An international approach
Argentina- Marval, O'Farrell & Mairal
Germany- Ashurst
Netherlands- NautaDutilh
Norway- Bugge, Arentz-Hansen & Rasmussen
South Africa- Hunter Employee Benefits Law (Pty) Ltd
Spain- Ashurst
Sweden- Ashurst
United States- Seyfarth Shaw LLP
The end-game: is buy-out the end of the line for defined benefit pension schemes?- Punter Southall Transaction Services
The future of the buy-out market- Hewitt Associates LLC