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29-Aug-08 11:30 [Pensions]
Buy-outs of pension schemes 'set to double' It has been understood through research that the amount of pension scheme buy-outs by specialists is expected to double within the space of four months, it has been reported.
Human resource news provider Personnel Today highlighted the study carried out by HSBC Actuaries and Consultants which understood that employers were increasingly relinquishing pension schemes to acquisition specialists, with figures predicted to jump from 80,000 to 18,000 by the end of the year.
Speaking to the website, Jonathan Sarkar, head of corporate consulting at HSBC, said that the market would grow in value to around £12 billion this year as workplaces look to pass on pension responsibility.
He added: "The increase in insurers' appetites to take on longevity and sponsor risk means that there is now a wide range of solutions available to employers wishing to transfer liabilities away from a final salary pension scheme."
Earlier this week, the Guardian revealed that the number of final salary pension schemes open to new members had hit a "record low".
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