Insurer administration due diligence
Assess the administration capability of insurers to give you a better understanding of what your pension scheme members will experience after a buy-in or buy-out.
The importance of member experience
Members will judge the success of your insurance transaction by what they see and experience – this means that good administration is vital. We find that insurer administration is markedly different to the administration of individual pension schemes, and the insurers are also very different to each other.
There can be a wide range in the relevant offerings, processes and technology used by the insurers, and these can change over time. We help trustees to understand the experience members will receive once the scheme moves to buy-out and factor this into their decision making when selecting an insurer.
How we help our clients make informed decisions
We carry out regular research and site visits on the insurers and their administrative capabilities. This means that we can present clients with the most up-to-date information to enable you to make confident decisions.
Our specialist team will:
Assess the relative strengths and weaknesses of your shortlisted insurers and how they compare to your current administrator
Give you a comprehensive understanding of the different operational approaches
Highlight areas of risk within the post transaction and admin transition
Why LCP?
Here's what sets our insurer due diligence apart:
Our experience
We have advised over 70 clients on insurer administration since 2018.
Market awareness
We research and work closely with all of the main bulk annuity insurers to give you clear comparisons around administration and member experience when making your decision on choice of insurer.
Award-winning team
Our team was awarded Team of the Year at the Professional Pensions Rising Star Awards 2024.
Clear reports
Straightforward reports with insurers rated against clearly defined categories.
Flexibility
We can adapt our reporting to suit your needs and focus on the areas that are most important to you and your members. For example, we can help you to consider the insurers’ service against your current administration provision.
Relationships
We have close working relationships with senior employees at all of the insurers, which means we have access to all of the information you need.
A joined-up, multi-disciplinary team
We work closely with other LCP specialists to provide you with holistic end-to-end pension risk transfer advice, covering endgame strategy, data services, longevity modelling, post-transaction support, and member communications, as well as comprehensive due diligence on insurer financial strength, ESG credentials and administration capabilities.
We report on all the insurers in the buy-in market
| In-house or outsourced? | Location | |
| Aviva | In-house | Norwich |
| Blumont | Outsourced (Not publicly disclosed) | Not publicly disclosed |
| Canada Life | Outsourced (Aptia) | Exeter |
| Just | Outsourced (Aptia) | Leatherhead |
| Legal & General | In-house | Hove, Cardiff and Glasgow |
| M&G | Outsourced (WTW) | Redhill |
| PIC | Outsourced (Capita) | Darlington |
| Rothesay | Outsourced (panel) | Various |
| Royal London | In-house | Macclesfield |
| Standard Life | Outsourced (Equiniti) | Crawley |
| Utmost | In-house | Buckinghamshire |
Not all Bulk Annuity Purchase (BPA) insurers carry out admin processes in-house. Often, these activities are outsourced to a professional Third Party Administrator (TPA).
Our job is to find the right insurer administration service for your scheme.
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