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Zedra launches streamlined Escrow Solution

by Muna Abdi
April 9, 2024
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Zedra has launched a specialised Escrow solution designed for pension schemes of all sizes seeking bulk purchase annuities and with concerns about possible overfunding

The solution removes the traditional complexities and high costs associated with such agreements, filling the gap for smaller schemes looking for streamlined, affordable Escrow services.

Zedra’s solution has no minimum scheme requirement, offering cost-effective, standardised terms to facilitate entry into the buy-in market for smaller pension schemes, making the process efficient and affordable.

Zedra client director Alan Greenlees says: “The reduction will be welcomed by many schemes and sponsors who find themselves in a financially strong position, with the prospect of being overfunded and having a surplus at the end of their journey. However, schemes should be proactive in planning ahead for this possibility. Ready-made solutions like escrow can mitigate the risk of having ‘trapped surplus’ and avoid this tax altogether.”

“Risk Transfer has been the number one topic in pensions for the last 12 months. It is very much a sellers’ market, and smaller schemes are finding it increasingly difficult to secure favourable deals. We are excited to offer a solution that not only eases the funding process for smaller schemes, but also provides substantial cost savings and improved efficiencies. It’s a ‘Win-Win’ solution for schemes and sponsors on the path to buy-out.”

Zedra director Sue Wakefield says: “I’m delighted to expand our Escrow services to cater to the Pensions industry. Conversations around trapped surplus and endgame are incredibly topical at present, with traditional solutions often unavailable for smaller schemes. Escrow can bridge that gap and our innovative approach means it is a viable solution regardless of size. I look forward to assisting sponsors and trustees in search of an Escrow provider that combines deep expertise with the assurance of being authorised and regulated by the Financial Conduct Authority.”

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