Standard Life has launched into Ireland's growing pension risk transfer (PRT) market, targeting a €65bn defined benefit (DB) pensions sector.

The insurer said it is now ready to offer bulk purchase annuities covering both pensioners and deferred members, giving trustees and sponsoring employers another option when pursuing full pension scheme buyouts, as schemes increasingly look to offload liabilities and secure members' benefits with insurers.

Ireland's pension risk transfer market has historically been served by a relatively small number of insurers, particularly for schemes seeking solutions that cover both retired and deferred members. Greater competition could help improve pricing and increase capacity as more DB schemes move towards their endgame strategies.

Standard Life said its existing presence in Ireland, combined with the financial strength and risk management expertise of the wider group, would allow it to offer competitive pricing and execution certainty for pension schemes looking to transfer risk.

Noelle Hawkshaw, head of bulk purchase annuities at Standard Life International, said: "Ireland's defined benefit pension market is significant, but trustees and sponsoring employers have historically had a relatively small pool of insurers to choose from.

"We believe Standard Life has a valuable contribution to make in this market, and we're ready to play our part in meeting growing demand for pension risk transfer solutions."

The launch formally brings Standard Life's pension risk transfer offering to Ireland, with the company now engaging with trustees, employers and corporate advisers as activity in the country's DB pensions market continues to gather pace.

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