Pension risk transfer update

Intensifying competition drives record buy-in pricing

In our latest pension risk transfer market update we explore how UK DB pension schemes are benefiting from intense competition between insurers, which is driving exceptional buy-in pricing and strong investment in member service. 

2025 was marked by continued strong growth in buy-in transaction numbers, driven by smaller schemes under £100m. Total market volumes tend to be heavily influenced by the number and size of £1bn+ transactions; however, last year we saw fierce competition between insurers across all transaction sizes, with newer entrants gaining market share.

Beyond traditional buy-in/out, the range of options continues to expand in a period marked by innovation. Value-sharing strategies, innovative run-on structures and growing momentum in the DB superfund market are giving schemes more flexibility in how they approach their endgames.
 
Our update explores what these dynamics mean for schemes setting their endgame strategies or planning transactions.

What’s inside?

• Record activity: 367 buy-ins completed in 2025, with strong growth in smaller transactions
• Intensifying insurer competition: newer entrants make their mark with close to a 10% market share
• Exceptional pricing: with buy-ins providing record value for money, we explore the sustainability of current pricing
• Innovation in value sharing: including the Stagecoach-Aberdeen transaction and Prudential’s recently launched BPA Plus proposition
• Building momentum in the DB superfund market: with a fifth transfer completed and new providers emerging
• Highlights from our PRT forum: where we celebrated the 20-year anniversary of the founding of our specialist PRT team and completion by LCP of the first modern buy-in