A very important moment in the pension risk transfer markets has just ended, when pension funds in the US, UK and Canada were simultaneously at their best funded status in ten years. At the same time, each market had ample insurer capacity, vibrant price competition, attractive buy-in and buy-out pricing, and the lowest liability pricing from insurers and reinsurers in over a decade. In this very favourable market environment in 2018 and the first half of 2019, there were more pension risk transfers in the US, UK and Canada than ever before. But markets in which all factors are positive are anomalies and once again, such favourable conditions have proven to be fleeting. Market volatility may arise given the amount of geopolitical uncertainty around the world. While volatile markets can create challenges for pension funds, they can also create opportunity. This is especially true for pension funds that have plenty of high-grade bonds. If yields fall and credit spreads widen, pension buy-ins and buy-outs will be even more attractive relative to holding high-grade bonds. This session will reveal how opportunities to de-risk in today’s rapidly changing market can be seized.