Svitzer Marine
This transaction was carried out after a competitive tender run by LCP with health and lifestyle data collected by MorganAsh.
Members of the Svitzer Marine pension scheme worked in the shipping industry and anecdotal evidence suggested a prevalence of medical and lifestyle conditions that would not be reflected in conventional buy-in pricing. The first £36m transaction was won by Just Retirement, the second £23m buy-in was won by Partnership.
By running a medical underwriting tender process, the trustees were able to achieve better value as the insurers could more accurately assess the mortality profile of the membership. Detailed health and lifestyle information was gathered using telephone interviews by trained professionals, allowing an accurate assessment of the underlying longevity of the membership. The process resulted in significant savings compared to a conventional buy-in.