Leading lawyers from Herbert Smith Freehills will be addressing delegates at a seminar focusing on reducing pension plan risks in the Irish market. The one day event, hosted in partnership with Matheson and Mercer, takes place today in Dublin.
Sponsoring employers, trustees of Irish pension schemes and senior executives from the banking and insurance sectors will gather to discuss lessons from the UK market. Against a backdrop of liability management exercises, including exploring how annuity buy-ins are becoming increasingly popular in the Irish market, they will explore different ways to effectively manage defined benefit liabilities and reduce risk.
Samantha Brown, pensions partner at Herbert Smith Freehills, said: "Last year we saw record levels of bulk annuity deals in the UK with over £20 billion worth of transactions completed as schemes and sponsors took advantage of improved funding positions and increased market capacity. This trend looks set to continue over the coming year, despite uncertain economic times and it is clear that the de-risking market in Ireland is also gaining momentum."
Delegates will hear from Samantha Brown and Rachel Pinto, also a pensions partners at Herbert Smith Freehills, who will share their experience of bulk annuity transactions in the UK and the lessons that can be gleaned from these.
Rachel Pinto added: "Unsurprisingly, there is a growing appetite for de-risking among sponsors and trustees of defined benefit schemes in Ireland, as there is with their UK counterparts. The UK market has seen the value of buy-ins and buy-outs completed each year quadruple since 2011. Understanding how insurers approach these transactions, the key risks that sponsors and trustees need to consider and tips for moving a scheme to the front of the queue and for making the transaction process more efficient are key lessons that can be learned and applied to the Irish market."