Pension risk transfer update

A new era of choice

UK DB pension schemes are benefiting from increasing choice over pension risk transfer options and counterparties as the market reaches record levels of competition.

11 insurers – the most the UK buy-in / out market has ever seen – are actively competing. At the same time demand is high, with well over 300 schemes expected to transact in 2025. Insurers are not only offering competitive pricing, they are also increasingly innovating and developing their propositions as a means of standing out from the crowd.

Furthermore, choice in the wider risk transfer landscape is also expanding, with the first superfund transfer for an active sponsor and expected regulatory developments around surplus release expanding the landscape of risk transfer solutions.

In our latest pension risk transfer update, we share our views and analysis on the forces shaping today’s market – from pricing trends and provider innovations to the growing appeal of alternative options such as superfunds. With more schemes than ever transacting and increased variety in endgame strategies, our insights aim to help schemes navigate this rapidly evolving environment.

What’s inside?

• Record competition in the buy-in / out market – with extremely favourable full buy-in pricing.
• A spotlight on new buy-in / out insurer entrants – including Blumont, the fourth new entrant in under two years.
• Key insurer developments – from member experience innovations to smoother transitions from buy-in to buy-out.
• Superfunds gaining traction – with a case study of the ground-breaking Wates transfer.
• Q&A with Gavin Smith – LCP’s newest team member, offering unique insurer-side insights.