Michael joined Hymans Robertson as a Partner in 2018 from Prudential where he ran the firm’s bulk annuity business as well as working on strategy for Prudential’s overall annuity portfolio. Prior to that, he ran the largest part of Legal & General’s bulk annuity business. He advises pension schemes and their sponsors on their pension de-risking strategies, focussing in particular on multi-billion pound schemes.
Michael has led four of the 12 largest bulk annuity transactions to date, either from the pension scheme or insurer perspective. These include the Allied Domecq Pension Fund’s £3.8bn buy-in in 2019, the largest to date to cover deferred pensioners, and the Aviva Staff Pension Scheme’s £1.7bn umbrella buy-in, also in 2019.
Michael has designed and implemented a number of solutions intended to solve the issue of asset sourcing for larger bulk annuity transactions, including aligning scheme assets with insurer pricing, in specie asset transfers, novation and restructuring of derivative portfolios, valuation of illiquid assets, and price tracking mechanisms. Michael is a Fellow of the Institute of Actuaries.
Scheme Actuary & Senior Investment Consultant
Head of Clients, Third Party Administration
Associate Practice Leader of Risk Modelling and Consulting