Almost 300 DB pension scheme buy-ins completed last year, analysis reveals

299 defined benefit (DB) pension scheme buy-ins were completed in 2024 – the largest ever number of transactions completed in a single year, according to analysis by Hymans Robertson.

This marked an increase of one third from the previous record of 226 buy-ins completed in 2023.

The total value of transactions completed over 2024 is expected to be £47.6bn, which is the second largest volume of business written in any calendar year after the record of £49.1bn written in 2023.

Over 2024, six insurers completed 14 buy-in transactions in excess of £1bn each, with the majority of these taking place in the second half of the year.

The second half of 2024 also saw the largest ever value of transactions completed during a six-month period at £32.4bn.

The previous highest value for a six-month period was £28bn completed in the second half of 2023.

James Mullins, partner and risk transfer specialist, Hymans Robertson, said: “2024 was another busy year for the risk transfer market as evidenced by the number and value of transactions completed.

“Almost reaching 300 transactions is a significant milestone for the buy-in market. Insurers have worked hard to deliver efficiencies through slicker processes and innovation; the results speak for themselves.