US insurer Pacific Life has added a new product, dubbed Pacific Secured Buy-In, to its comprehensive portfolio of pension risk-transfer products.
Pacific Life Institutional & Structured Products vice president Richard Taube said Pacific Secured Buy-In is designed to help plan sponsors de-risk their pension obligations and stabilize their corporate balance sheets and income statements without affecting plan termination.
”For plan sponsors who want to de-risk and without recognizing settlement losses, this is the solution they may need,” Taube added.
Besides providing plan sponsors with flexibility for future, the product also enables them to convert to a Pacific Transferred Buy-Out contract at any time without any additional cost.
The conversion completely transfers all future benefit obligations from the plan sponsor to the company.
The company’s risk-transfer products suite also includes Pacific Insured LDI, which is was introduced in 2012 as a first-of-its-kind guaranteed alternative to best-efforts liability-driven investing strategies.
Pacific Life is a provider of life insurance products, annuities, and mutual funds, as well as a broad spectrum of investment products and services to individuals, businesses, and pension plans across US.