Pension risk transfers. Streamlined.

Enjoy a smooth and efficient pension risk transfer journey with Heywood Passport - the technology built to support schemes, trustees and insurers through every stage of the buy-in and buyout process.

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What is a pension risk transfer?

Pension risk transfer (PRT) - often known as a bulk purchase annuity or buyout - allow defined benefit (DB) pension schemes to reduce risk by transferring liabilities to an insurer. As transaction volumes grow, clean data, efficient validation and clear communication are essential to keep deals on track.

For trustees and administrators, PRT offers a path to long-term security for members, but success depends on precise data and efficient collaboration between all parties.

The challenges facing schemes and insurers

Inconsistent data

Incomplete or inaccurate member records make it difficult to verify benefits, run liability calculations, or provide insurers with the confidence they need to price accurately. Poor data quality can lead to extended due diligence, higher transaction costs, and delayed sign-off at critical stages.

Discover how accurate data underpins faster buyouts in our article Why data accuracy is vital in pension buy-ins and buyouts

Complex calculations

Legacy benefit validation issues and GMP equalisation requirements often mean key calculations must be performed manually or across disconnected spreadsheets. These fragmented processes increase the risk of error, slow down verification, and create uncertainty over whether liabilities are being calculated consistently across the scheme.

Read ‘Breaking the bottleneck: Why GMP equalisation and data challenges are delaying buyouts in 2025’ to see how technology can help schemes overcome calculation challenges.

Communication gaps

During a pension risk transfer, members need clarity. Without clear, consistent updates, confusion and mistrust can grow - leading to increased inbound queries, slower approvals, and reputational risk for trustees and administrators. Communicating in plain, timely language helps maintain confidence throughout the journey.

Explore practical communication strategies in Effective member communication in pension risk transfers

Explore our PRT Insights

The pension risk transfer market is evolving rapidly, shaped by record-breaking buyout activity and growing data and governance demands. Our latest PRT insights bring together perspectives from trustees, advisers, insurers and technology specialists to help you stay ahead of emerging trends — from data accuracy and GMP equalisation to communication strategy and digital transformation.

Browse all PRT Insights

Introducing Heywood Passport

Smarter data. Faster deals. Designed specifically for the bulk purchase annuity and pension risk transfer market, Heywood Passport delivers the precision, pace and transparency today’s deals demand - from data cleansing to benefit validation and member communication.

Built for the BPA and PRT market

Developed for trustees, advisers, insurers and schemes, it helps you work collaboratively, speed up decisions and demonstrate data accuracy with confidence.

Key capabilities

Data enrichment: eliminate errors and achieve transaction-ready data
Benefit audits: validate and calculate liabilities at pace
Member communication: keep members informed through personalised digital statements
Collaboration: connect stakeholders and maintain full transparency

Learn more about Heywood Passport

Pension risk transfer technology for every stakeholder

Our technology supports every stakeholder in the pension risk transfer process, from trustees preparing data to insurers managing bulk annuity transactions.

For trustees

Intelligent software that provides trustees with the tools and expertise needed to streamline the pension risk transfer (PRT) processes.

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For Insurers

Empowering insurers, superfunds and reinsurers to to process more deals efficiently while maintaining pricing accuracy and risk control.

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For pension schemes

Our intelligent software solutions help pension schemes deal with the complexities of the pension risk transfer (PRT) process.

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For advisors

Helping advisors to manage increasingly complex processes while maintaining high service standards and demonstrating value to clients.

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Who we work with

Our customer list speaks for itself. At Heywood, we believe a true partnership is a two-way street. Mutual trust and respect are at the core of every interaction. And that’s why we enjoy long-term partnerships with all of our customers.

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