The BPA enigma

Doubling in just two years, from a modest £1.2 billion in 2003 to £3.3 billion in 2005, the UK's bulk purchase annuity (BPA) market is poised for take-off. With the UK's Pensions Regulator holding the power to block takeovers and set stringent funding targets in order to protect pension schemes, companies are finding the prospect of getting rid of their defined benefit pension liabilities a lot more attractive than in the past.

This changing reality is now sparking intense interest from a new

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