Quick off the Mark
2020: When bulk annuities sharply became more attractively priced in Q2, we proactively and quickly discussed the opportunity with each of our clients who had the relevant framework and strategy in place to take advantage of this. This helped to deliver significant cost savings for our clients, often 10% of the premium.

In Full Support
2021: This scheme was well prepared and ready to approach the insurers. However, the gilt portfolio held was less than the pensioner liability value. Cartwright helped the trustees and the employer to quickly identify the best option and decide whether to insure a representative sample of the pensioners or to insure those pensioners with the largest liability values.

Sister Act
2020: Two sister schemes were organised to work together to achieve better pricing by approaching the insurers and transacting together.

Getting It Right
2019/2020: The member data received from the previous pensions administrator had significant inconsistencies and errors built up over many years. Our administration team worked collaboratively with the trustees and the scheme lawyer to correct the data and bring it to insurer standard. Without this diligent work, the trustees would not have been able to take advantage of the insurance market conditions in 2020.

Preparation Counts
2021: We were delighted that six out of the eight active insurers quoted on a £75m pensioner buy-in transaction. We believe that this was due to the quality of the preparation before going to market and a straightforward and well thought through auction process. The final pricing was equivalent to a yield of gilts plus 0.65% pa, saving the client 10% compared to their funding reserve.

Exclusive Benefits
2021: Cartwright was able to leverage the relationship with the insurer providing the existing buy-in so they quoted for a buyout of the remainder of the scheme on an exclusive basis. This insurer typically does not quote for transactions less than £100m. We were confident their pricing approach would be materially better than standard pricing, given the uninsured liabilities were mainly deferred members. The employer was expecting to pay £1m to facilitate the buyout, based on standard market pricing. Instead, the end result was that the scheme had a surplus.

Ready For Action
ALL SCHEMES: By maintaining a shortlist of professional trustees, Cartwright is able to put forward options for one-off bulk annuity projects, or for an ongoing appointment, when existing trustees wish to add expertise to their board in a certain area.