Pension Risk Transfer Digest

Did you know?

Data quality is the new competitive advantage

Data quality is one of the most important differentiators in today’s pension risk transfer (PRT) market. Incomplete or unreliable participant data can materially affect pricing accuracy, insurer participation and transaction timelines—often leading to higher premiums, fewer bids or execution delays.

As PRT activity continues to grow and insurers become more selective, “clean data” is no longer a post pricing clean up exercise. It is a prerequisite for entering the market and a key driver of competitive outcomes. Plan sponsors that invest in data readiness are better positioned to attract insurer interest, execute efficiently and achieve favorable pricing.

Key elements of data quality

Closing thought

In an increasingly competitive and capacity constrained PRT market, data quality is not just a technical requirement. It is a strategic advantage. Plan sponsors that prioritize accurate, complete and well documented data are better positioned to move quickly, attract insurer interest, and achieve optimal PRT outcomes.

PRT rate update^1,2,3

Pricing matters and drives product success.

PRT pricing follows high-quality corporate bond rates, just like pension liability values do. When interest rates go up, PRT costs go down. When rates drop, costs rise. Prices change daily based on what insurers can earn in the market.

F&G's rates decreased around 9 basis points in Q4 2025, translating to a slightly higher PRT transaction cost with F&G maintaining our competitiveness relative to our peers.

¹ All rates based on 7 year duration all retiree population.

² F&G sample rate represents preliminary pricing for a hypothetical mixed collar transaction less than $100M in size. Actual final pricing will vary based upon actual transaction details.

³ Average competitor rate based on annuity rates published by BCG Pembridge.

Describe your role in PRT.

I lead the PRT Operations Onboarding team, where we take over client management once F&G has won a deal and manage all aspects of deal transition—from initial data analysis through first payment, coordination of group annuity contract (GAC) execution, and delivery of annuity certificates to plan participants.

What brought you to F&G?

I've had extensive PRT experience in my prior role at a different carrier where I worked in PRT Pricing. When the F&G opportunity was presented to me, I was intrigued to explore a familiar product from a completely different perspective and challenge myself to develop a new skillset. The idea of joining a growing team relatively new in the industry was exciting, and I continue to be energized by the opportunity to build out processes and contribute to our team's success.

What's your favorite aspect of PRT?

I enjoy the uniqueness of each deal. Each transaction brings its own nuances and challenges, and I continue to learn from them. I also enjoy the teamwork—contributing to a culture where everyone pulls in the same direction is extremely rewarding.

How do you spend a typical Saturday?

In the winter, we love to take as many family ski trips as possible. In the summer, we're at the beach at the Jersey Shore. Pretty much every weekend in between, we're rooting on one of our kids in sports—whether it's basketball, softball, cross country or track. Family is extremely important to me, and we love spending time together doing things we all enjoy.

Favorite book, podcast or show?

I'm a huge fan of the Mets, so I consume my fair share of Mets podcasts—although I'm not loving their recent results or offseason moves. I enjoy The Rewatchables podcast, which is about movies that are fun to watch over and over again. And I just got into the Harry Potter series, now that my kids are reading them. I’m currently reading the Goblet of Fire—no spoilers please!