Legal & General Group Plc was established in 1836 and is one of the world’s leading financial services companies. We’ve been in the Pension Risk Transfer (PRT) market for over 30 years and have written over 3,500 transactions globally. We’ve amassed a global annuity portfolio of nearly $80 billion and service over one million annuitants annually.
In 2015, Legal & General America established our Retirement business in the US, which focuses on pension risk solutions for institutions.
Our innovative solutions are designed to meet the unique needs of our pension clients and deliver a superior level of service to our customers.
Making sure the participant data is complete and accurate, implementing a de-risking strategy and establishing a project plan are just a few of the necessary steps in preparing for a successful transaction.
Advance preparation makes the process easier for plan sponsors and can even improve outcomes, as insurers often bid more competitively on well-organized transactions.
Working closely with an annuity placement provider, this stage involves sending a Request for Proposal to insurers, responding to inquiries, reviewing proposals and selecting an insurer.
The annuity placement provider initiates and manages the bid process, including all communication with the potential insurers.
Once an insurer is selected, the transition process begins. Key milestones at this stage include notifying participants of the annuity purchase, negotiating and filing the Group Annuity Contract, data reconciliation and mailing annuity certificates to participants.
A clearly defined implementation process, set out in advance, helps to make sure participants experience a seamless transition to the insurer.
Interested in an insurer's perspective on how pension plans can achieve a successful PRT transaction?
Check out our Quick Guide to PRT
to learn more.
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If you have a William Penn retirement annuity: 855-914-9123