This technical document that corresponds to a shorter executive summary sets out an integrated model which we suggest investors should use to evaluate the impact of potential defined benefit pension risk transfer actions by US companies.
We apply our detailed framework to show that significant value can be unlocked for shareholders if high quality US corporates transfer pension risk off of their balance sheets. We also discuss the principal means to achieving this while focusing on the interests of shareholders – not debt-holders, whose interests can vary.
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To download the executive summary version please click here.