Company Pensions

Pension Risk Transfer and Bulk Purchase Annuities for Defined Benefit Schemes

In unsettled times, Irish Life’s decades of expertise brings peace of mind to your workplace pension scheme. We deliver market-leading pension risk transfer (PRT) solutions tailored to your needs. 

Gain security for your members and a trusted, experienced partner for trustees and sponsors.

What is pension risk transfer?

Irish Life provide a full range of insurance solutions for trustees to secure benefits provided for under occupational pension schemes.

Pension Risk Transfer solutions explained

As Irish defined benefit (DB) schemes continue to mature, an increasing number are seeking to secure members’ benefits through insurance products. These include immediate annuity, deferred annuity and Personal Retirement Bond (PRB) contracts. These solutions are also available for bulk transfers from defined contribution (DC) schemes. This type of insurance is collectively known as pension risk transfer (PRT).

Why schemes choose PRT solutions

These solutions provide sponsors and trustees with effective ways of managing legacy risks and costs associated with an ongoing defined benefit (DB) scheme, and can improve the security and certainty provided to members around their benefits.

Transferring risk to a trusted partner

Moving risk to a trusted, secure and experienced insurer:

  • Protects members’ benefits with guaranteed payments.
  • Reduces funding volatility and balance sheet exposure.
  • Simplifies scheme management and governance obligations.

Irish Life’s market-leading expertise

Irish Life is the leader in the Irish pension risk transfer (PRT) market with solid financial backing to create strong solutions that work for schemes of all sizes. We protect your scheme and secure your members’ futures. 

Explore the right PRT solution for your scheme

Contact Irish Life Employer Solutions

Talk to our team to understand how pension risk transfer could support your scheme’s long-term goals and protect members’ benefits.

Book a consultation

What are the underlying products

Immediate Annuities

Immediate Annuities provide secure, lifelong pension payments for retired members who are in receipt of pensions. We ensure timely and reliable payments for life.

Deferred Annuities

Deferred Annuities guarantee future lifelong pension payments for members who have not retired, while also retaining optionality around how benefits are taken. This helps provide long term security for members’ benefits and reduces volatility and risk within the scheme, from the sponsor’s perspective.

Personal Retirement Bonds (PRBs)

Personal Retirement Bonds (PRBs) are individual pension-saving contracts that can accept transfers from occupational pension schemes to secure benefits for former members. The bond accumulates with fund growth up to retirement, when the proceeds can then be used by the member to provide retirement benefits.

Why choose Irish Life for pension risk transfer solutions

Competitive terms

Cost-saving solutions that boost value for plans and members.

#1 trusted leader

Ireland's number 1 pension risk transfer provider (Irish Life, 2025).

Very strong financial rating

Backed by the globally trusted Great-West Lifeco group with an AA Fitch rating.

Customer-first administration

Seamless implementation and high-quality ongoing service.

Innovation and tailored solutions

Every scheme is unique. We create custom solutions for your needs.

Specialist knowledge, expert guidance

Trustees gain access to our leading pension, actuarial and investment specialists. 

Free consultation

Find a pension risk transfer solution

Contact us to find the ideal solution for your scheme and help secure your members’ financial future.

Irish Life Employer Solutions offers:

Market-leading integrated employee benefits using our 85 years of experience

Robust company pension plans and comprehensive employee support

Guidance, expertise and tools to adapt your workplace benefit strategy

A trusted partner, focused on building long-term, reciprocal relationships

Warning: If you invest in these products you will not have access to your money until your retirement date.
Warning: The value of your investment may go down as well as up.
Warning: These funds may be affected by changes in currency exchange rates.
Warning: If you invest in this product you may lose some or all of the money you invest.

Other benefits from Irish Life

Protection Benefits

Protect your employees with life, illness and income cover

corporate health

Bespoke health plans for your employees

wellbeing programme

Tailored wellbeing programmes to meet your employees’ needs