FTSE 350 pensions: preparing for a risk transfer transaction

Following a substantial improvement in the funding level of the FTSE 350 defined benefit (DB) pension schemes, we estimate that the average time to buyout has reduced by around four years since the start of 2022. While this does mean that a large number of schemes are now very close to reaching their endgame target, the speed with which this position has been achieved may leave many unprepared to enter the risk transfer market.