It is 20 years since LCP founded its Pension Risk Transfer Practice. To mark that milestone, we explore the market’s journey so far, the choices facing schemes today and the decisions shaping the road ahead.
LCP helped design the modern buy-in 20 years ago and has been a key pioneer in the market since the beginning. More than £370bn of buy-ins have since been completed and we have had the privilege to advise on landmark transactions over this time including:
- RSA’s £6.5bn full buy-in with PIC.
- £7.5bn British Steel scheme reaching full insurance across four buy-ins with L&G.
- Rolls-Royce securing a £4.3bn market-leading “member-first” buy-in with PIC.
How buy-ins reshaped pension strategy: reflections on 20 years of pension risk transfer
Twenty years ago, the modern buy-in was just an idea. Today, it is a cornerstone of the UK pensions market. From its origins in 2006 to today’s £40bn–£50bn annual market, discover how buy-ins have evolved.
Member experience: then vs now
For much of the past 20 years, the pension risk transfer conversation has been dominated by the metrics that are easiest to see and measure. But the conversation is changing, attention is turning to something just as important: the member experience.
20 years of market transformation at LCP
Buy-in pricing has improved significantly in 2026 – it is currently the most attractive it has ever been.
Today’s market has strong insurer capacity and appetite, which has been a key driver of the improved pricing.
As we look ahead, we expect pricing to remain attractive, but of course there are many factors at play that could change the market dynamic.
Market perspectives: navigating the crossroads
Hear from insurers
Hear from professional trustees
A changing market: what it means for your scheme’s strategy?
Pension risk transfer: the inside track
At our upcoming forum, we will be sharing the very latest on what we’re seeing, hearing and learning from inside the market. Bringing together voices from insurers, superfunds and across the wider market - alongside LCP’s live transaction experience - the forum will help you turn these insights into clearer decisions on your scheme’s endgame strategy, timing and approach to risk transfer.
Looking to the future, pension schemes have an increasing number of options available to them between buy-ins, superfunds, running-on indefinitely, or considering alternative options like the Stagecoach/Aberdeen sponsor swap.
For schemes focusing on buy-ins, the market continues to be buoyant, with new investors bringing fresh capital and asset-sourcing capabilities to the market, helping to support the substantial demand expected over the coming decades.
Discover what's shaping the future of the PRT market, helping schemes prepare for what’s next.
Intensifying competition drives record buy-in pricing
Explore the latest market developments, from evolving insurer strategies and innovative transaction structures to enhanced member outcomes, and the growing range of endgame options for UK defined benefit pension schemes.
A strategic approach to surplus: learnings to inform your next move
Drawing on more than 150 post-transaction cases, we explore how surplus is distributed, who benefits, and what the Pension Schemes Act 2026 means for trustees and sponsors.
LCP's predictions for the pension risk transfer market in 2026
Our predictions for the pension risk transfer market, including record buy-in volumes, insurer consolidation, member outcomes and the growing role of technology in endgame planning.
The innovations defining the next decade
Continue the conversation
Meet our committed specialist team of over 100 individuals with experience in delivering transactions.
