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<\/a><\/a>\nDuring the same time period, the average annuity purchase cost across all insurers in our index decreased 50 basis points, from 103.9% to 103.4%. The competitive bidding process is estimated to save plan sponsors about 3.3% of PRT costs as of April 30, 2026.<\/p>
\n\u201cWe saw the largest drop in competitive buyout rates in the past 12 months, as annuity purchase interest rates rose more than accounting rates,\u201d said Jake Pringle, co-author of the MPBI. \u201cWhile PRT activity has been down during the first quarter, we\u2019re seeing the market pick up halfway through Q2, with a number of deals scheduled to settle later this year.\u201d<\/p>
\nThe MPBI compares the FTSE Above Median AA Curve to the annuity purchase composite interest rates from nine insurers to estimate the competitive and average costs of a PRT annuity de-risking strategy. Individual plan annuity buyouts can vary based on plan size, complexity, and competitive landscape.<\/p>
\nView the complete Milliman Pension Buyout Index<\/a>. To receive regular updates with Milliman\u2019s pension buyout analysis, contact us at pensionbuyout@milliman.com<\/a>.<\/p> \nAbout Milliman<\/b><\/p> \nMilliman leverages deep expertise, actuarial rigor, and advanced technology to develop solutions for a world at risk. We help clients in the public and private sectors navigate urgent, complex challenges\u2014from extreme weather and market volatility to financial insecurity and rising health costs\u2014so they can meet their business, financial, and social objectives. Our solutions encompass insurance, financial services, healthcare, life sciences, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. Visit us at milliman.com.<\/p>