US - CAMRADATA Analytical Services has launched a new pension risk transfer (PRT) product database for US pension plans.
The PRT database provides registered users with an independent source for insurance company organisational information, pension buy-in and buyout product fact sheets and screening tools, pricing data, up-to-date information on each PRT provider's financial strength and relevant industry research.
Registered users will be able to request pension buy-in and buy-out quotes directly from providers and exchange ideas and share views with industry practitioners via a blog.
The new service is supported by providers including American General Life Companies, MetLife, Pacific Life, Principal Financial Group, Prudential, Transamerica and United of Omaha.
Buy-ins are relatively new to the US, with the first deal taking place in May between Prudential Retirement (Pramerica in the UK) and the Hickory Springs Manufacturing Company. (Global Pensions: 26 May 2011). The industry expects more deals to follow, however.
US regional head of CAMRADATA Steve Keating said: "It is possible to effectively de-risk defined benefit plans with annuity buy-in and buy-out solutions. The key questions are how, when, with whom and at what cost? We have developed the PRT product database to help plan sponsors and advisors get the information they need to answer these questions.
"The first US pension buy-in transaction was announced recently and we suspect there are many more plan sponsors considering some type of PRT solution. The PRT database provides an industry-wide view on the risk transfer solutions currently available to plan sponsors and their advisors in the US market."
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