Drop in bulk annuity volumes hides rise in smaller pension buy-in deals, analysis finds
Total buy-in volumes fell by more than 20% year-on-year to £38.2bn, down from £47.8bn in 2024, according to Hymans Robertson.
A fall in overall risk transfer volumes in 2025 masked a sharp increase in smaller pension scheme buy-in deals, according to analysis from Hymans Robertson.
Total buy-in volumes fell by more than 20% year-on-year to £38.2bn, down from £47.8bn in 2024.
However, the number of transactions reached a record 370 deals, up from 299 the previous year, driven largely by activity among smaller schemes.
Deals valued at less than £100m increased by more than 30%, while the number of larger transactions remained broadly unchanged.
Despite the shift towards smaller deals, activity at the top end of the market remained significant.
Four insurers completed transactions exceeding £1bn, covering £8bn in total, while more than £18bn of liabilities were addressed through longevity swaps.
Competition across the market remained strong, with 11 insurers active during the year, including increased participation in smaller buy-in deals. This contributed to competitive pricing and ongoing innovation in the sector.
The report also highlighted developments in alternative risk transfer, including plans by TPT to launch a superfund.
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