A unique proposition
The bulk annuity market is extremely busy. This has not been good news for all schemes. The market for schemes below £30m in size has become more difficult with many schemes of this size struggling to get insurers interested in quoting.
Research by the Pension Protection Fund showed that over a third of all schemes have fewer than 99 members and on average assets below £10m. Further, most schemes are below 1,000 members with average asset size below £35m. Therefore, most schemes will have a hard time getting a good deal on bulk annuities.
K3 works with schemes of all sizes but has developed a unique approach, K3 Engage ©, targeted at small schemes with the sole aim to unlock better value in the market with cost and timescale certainity.