KPMG’s pensions insurance team helps trustees and sponsors explore de-risking through a pension insurance transaction. A pension buy-out or buy-in, also known as a bulk annuity transaction, occurs when an insurer takes over responsibility from the trustees and sponsor of a pension fund for meeting the scheme’s liabilities.
James has over 20 years’ experience, having led more than 40 pension buy-out and buy-in transactions ranging in size from £1m to £2bn. James joins KPMG from JLT, where he was a senior consultant responsible for buy-out and buy-in transactions. He was previously a senior member of Towers Watson’s risk settlement team.
James joins as senior manager and will be responsible for advising clients on de-risking their schemes through pension insurance transactions. His hire forms part of a recent effort to significantly grow KPMG’s pension insurance business, which currently comprises of around 30 specialists.
Tom Seecharan, Director and Head of Pensions Insurance at KPMG said, “We are delighted to be welcoming one of the leading advisers in this area to our team. James brings with him a great deal of experience advising successful bulk annuity transactions both large and small. I am confident that both our clients and the team will value his knowledge and experience."
“To meet the growing market demand, we have created one of the largest specialist teams in the market, with some of the most talented industry experts. Following on from Adam Davis’ recruitment last year, James’ appointment adds to our team, where we have also recently promoted five outstanding individuals.”
James said, “I am pleased to be joining KPMG at such an exciting time in the market. The number of trustees and sponsors exploring bulk annuity options as part of their de-risking strategy is on the rise, and insurers are seeking to write larger volumes in the market. Given the value at risk in getting details such as timing and deal negotiation wrong, it is essential that schemes receive the best advice."
“KPMG is best positioned to deliver this advice due to its depth and breadth of experts, not only within the pensions insurance practice, but from across the firm. I look forward to working with the team and clients in helping them navigate their bulk annuity options.”
A recent survey by KPMG predicted that the pensions insurance buyout market to be worth £20bn per year by 2020.
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Simon Chan, PR Assistant Manager, KPMG
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
KPMG’s specialist Pensions Insurance team combines pensions, investment, life insurance and wind-up professionals. The team has helped clients in more than 150 completed insurance transactions of a range of sizes from £1 million to more than £2 billion with a combined total of more than £15 billion of liabilities.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.