Pension plans turn to data for better pricing of buyout transactions

By Martin Croucher (August 23, 2022, 5:56 p.m. BST) — Pension plans can reduce insurance contract pricing and speed up transaction time by improving the quality of the customer data they retain, a consultancy says in financial services.

Aon PLC said in a report on Monday that pension professionals are realizing the importance of having data in a “clean” format when approaching insurers for buy-in transactions.

The UK market has seen a rapid growth in block annuity transactions, known as buyout or purchase transactions, in which an insurer covers all or part of pension liabilities in exchange for a single premium. Around £330 billion ($390…

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