Over £500bn of pension scheme liabilities now insured – Hymans Robertson

More than £500bn of pension scheme liabilities have now been insured, following a record year for buy-ins and longevity swaps in 2025, according to analysis from Hymans Robertson. 

There were 380 risk transfer transactions in 2025, up 25% from 2024. 

Buy-ins now total over £370bn and longevity swaps are around £170bn. 

Over half of this activity has happened in the last five years.

Hymans Robertson expects that £1trn of pension scheme liabilities will have been insured by 2035. 

James Mullins, partner and risk transfer specialist at Hymans Robertson, said: “Pension scheme risk transfer has reached a historic milestone with over £500bn of transactions completed in under two decades, and with half of the volume completed in just the last five years. 

“It’s a clear sign of how attractive and resilient the market has become and it shows the scale of confidence that pension scheme trustees and sponsoring employers place in this endgame. 

“We’re seeing record levels of activity from pension schemes of every size and the momentum is only growing as more capital, and investment supply, comes into the UK market from global asset managers.”