Often viewed as the ultimate tool in the de-risking of a defined benefit pensions scheme, a pension buy-out transfers both assets and liabilities from the pension fund to a third-party insurer. There are a number of key players within the pension buy-out and buy-in space including insurers, investment banks and stand alone buy-out firms. The consultancy firms also have specialists who advise their pension clients on the best options available and manage the procurement of such transactions. Plenum has researched this niche area and has extensive mapping of the talent within.