Why buy-out and not self-sufficiency?
• In an overheated market the costs of getting to buy-out for a £250 million scheme are not much less than those of a £1 billion scheme.
• Smaller schemes may struggle to pay the fees of the big specialist advisers in this space
• LM exercises
• Partial buy-in
• Avoiding selection
• How to reconcile the payments
• Existence check
The Insurer perspective
• What does a good buy-out look like?