A buy-in too far

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      <subfield code="a">A buy-in too far</subfield>
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      <subfield code="a">In recent years we have witnessed the rising popularity of bulk annuity buy-ins among UK defined benefit pension schemes  that is, where the scheme purchases the bulk annuity as an investment but retains legal responsibility for paying the members' benefits. Buy-ins have many appealing characteristics: they hedge longevity risk; closely match cashflows for pensioners' liabilities; bear very low credit risk; and should be convertible into a buy-out with the same provider (which then takes on the legal responsibility for paying the members' benefits). Given all these benefits, it is not surprising that buy-ins are considered part of the toolkit when a scheme becomes better funded.</subfield>
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      <subfield code="t">The Actuary : the magazine of the Institute & Faculty of Actuaries</subfield>
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      <subfield code="g">01/02/2021 Número 1 - febrero 2021 , p. 34-35</subfield>
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