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September 2009 - The False Dawn - An update on the UK bulk buy-out market
& other de-risking solutions |
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The bulk buy-out market has suffered a turbulent 12 months. We have witnessed record breaking deals, the market has had to cope with the global recession, and some of the new entrants to the market have faced severe difficulties, with Synesis Life folding and Paternoster closing to new bulk annuity business.
Punter Southall Transaction Services has just launched their second extensive report on the bulk buy-out market, entitled ‘The False Dawn – an update on the UK bulk buy-out market & other de-risking solutions’. The new report analyses recent developments in the bulk buy-out market and follows on from last year’s research report ‘The End Game? – An analysis of the bulk buy-out market & other de-risking solutions’, which was the first ever comprehensive analysis of this market.
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Read the full press release here.
To request a full copy of the report please contact
Alison Smith, by email at
alison.smith@pstransactions.co.uk or by phone at
(020) 7533 6990.
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November 2008 - Pensions a major concern for private equity industry |
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A survey by Punter Southall Transactions Services of private equity firms has revealed that defined benefit pensions continue to be a serious concern and ongoing challenge for private equity firms, whether making acquisitions or disposals and whilst managing portfolio companies.
The top pensions concern mentioned by over half of the private equity firms surveyed was the risk that changes in future life expectancy predictions will increase liabilities during ownership, resulting in a loss on exit. However, this concern isn't unique to the private equity industry as uncertain future improvements in life expectancy is a worry for all pension scheme sponsors and trustees.
Read the full press release here.
Read the full report here.
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June 2008 - The End Game? - An analysis of the bulk buy-out market & other de-risking solutions |
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Over recent months there has been significant coverage of the bulk buy-out market in the pensions press, with some commentators suggesting that pension scheme sponsors are rushing to buy-out their pension liabilities. We think that a lot of the press coverage surrounding the buy-out market has been somewhat misleading, so have carried out our own extensive research into the state of the buy-out market, which we have compiled in our detailed report, The End Game? – An analysis of the bulk buy-out market & other de-risking solutions.
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Read the full press release here.
Read the full report here.
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October 2005 - Research from Punter Southall reveals failure by UK equity markets to fully treat pension deficits as a debt of companies |
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A new research report, “The Market Value of Pension Liabilities”, produced by Punter Southall Transaction Services, the specialist M&A consultancy division of Punter Southall, has found that the UK public equity market does not appear to treat FRS17 pension deficits as a debt of the sponsoring employer, unlike the typical practice observed in UK private equity and debt markets. Instead the research, aimed at determining how the various UK capital markets price a pension obligation in respect of a defined benefit scheme, based on a review of existing academic studies and analyst research studies as well as interviews with market participants including equity analysts*, concluded that FRS17 deficits are probably not fully recognised in the UK equity market’s valuation of a company and that the UK equity market reacts indifferently to most pension related issues.
Read the full press release here.
Read the full report here.
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