A video series designed to improve understanding of the bulk annuity transition process has been launched by Just Group and Hymans Robertson.

The series of four videos was created to provide pension trustees and their administrators with a guide to the practicalities of the risk transfer transition process.

The videos were also designed to help trustees and administrators understand exactly what to expect after a bulk annuity contract is signed, before it can move into a “business as usual” administration process and then ultimately buyout.

Each video covers a different part of the transition process including what is data cleanse, guaranteed minimum pension (GMP) equalisation during data cleanse, why insurers price twice, and moving to buyout.

Hymans Robertson head of risk transfer, James Mullins, commented: “As an industry we often focus on the path to signing the annuity contract, but what follows is equally important.

“So far, this part of the journey hasn’t received much focus and with an increasing number of schemes closer to being ‘buy-out ready’, we hope trustees and others in the industry will find these videos helpful in what is expected to be an increasingly busy market.”

Just Group relationship and transition senior manager, Louise Ellisdon, added: “Our aim is to help trustees and their administrators get to ongoing administration as quickly and smoothly as possible.

“This series of short videos has been designed to help them learn what’s involved during the transition process so they know what to expect and can prepare.”

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