Corporate pension funds in the UK have recently been hit on all sides. The slashing of interest rates to record lows in response to the financial crisis sent liabilities soaring higher. At the same time, a collapse in stock markets in the first quarter of last year decimated asset portfolios. Throw in the rising life expectancy of pensioners, and it is little wonder more and more defined-benefit pension schemes in the UK are throwing in the towel.
The bulk purchase annuity market has offered one