Stephen Keating

Steve is Managing Director at BCG Pension Risk Consultants | BCG Penbridge (BCG). He has over 20 years of experience in defined benefit (DB) pension consulting. Steve focuses on helping DB plan sponsors evaluate plan cost, consider pension de-risking alternatives, and choose annuity products and insurance companies. Steve also advises insurers on pension risk transfer (PRT) market entry preparedness and reinsurance placements.

At BCG, Steve is a lead consultant for PRT analysis and annuity placement transactions, supporting plan sponsors in both their settlor and fiduciary capacities. Additionally, Steve is responsible for creating new channels for BCG’s services and developing new solutions and services that drive BCG’s growth.

Steve has broad institutional retirement and investment experience and a demonstrated record of strategic business development and thought leadership achievement. While Steve’s work has covered all aspects of DB plan management, he has particularly focused on the development of the PRT market in the US over the past 15+ years. Prior to joining BCG, Steve was Founder of Penbridge Advisors, a specialist PRT advisory and information services firm, which was acquired by BCG Pension Risk Consultants in February 2018.

Steve has led the design, creation and delivery of key client engagements as well as internal business development initiatives. Recent highlights include: (1) creating a new Customized Buyout Price Monitoring (CBPM) service for plan fiduciaries and advisors. CBPM provides DB plans with up-to-date insight on expected liabilities and ongoing consulting on the de-risking process and timing in support of investment strategy; (2) establishing a collaborative advisor offering with a leading global asset manager to jointly deliver LDI and CBPM services; and (3) establishing BCG’s PRT reinsurance services which included advising on the first-ever longevity reinsurance transaction in the US which was completed in 2019.

Steve is a regular speaker at industry events on pension cost and risk issues, has provided written testimony and testified before the Department of Labor’s ERISA Advisory Council and authors numerous papers and articles on these topics. Prior to BCG and Penbridge, Steve was a Managing Director at River and Mercantile Group PLC, Head of the Pension Solutions Group at Lazard and served as a Senior Consultant at Hewitt Associates where he helped build Hewitt’s multinational pension risk management practice. Steve obtained his BS in Engineering from Syracuse University and in Summer 2022 completed the Executive Program for Growing Companies at Stanford Graduate School of Business.