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.
The birth of the buy-in: 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.
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 professional trustees and insurers.
Our pension risk transfer forum 2027
At our 2027 Pension Risk Transfer Forum, we’ll go beyond the headlines and get under the skin of what’s really happening across the market.
Drawing on what we’re seeing, hearing and learning from across the industry, we’ll share the inside track on the trends, transactions and market dynamics shaping decisions – and explore what they could mean for your scheme.
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.
Continue the conversation
Meet our committed specialist team of over 100 individuals with experience in delivering transactions.
