
Intense insurer competition drives record buy-in pricing for DB pension schemes – LCP
Buy-in volumes reached £38.2bn in 2025, with buy-in pricing reaching its most competitive levels in early 2026 and continuing into Q2.

Buy-in volumes reached £38.2bn in 2025, with buy-in pricing reaching its most competitive levels in early 2026 and continuing into Q2.

The funding ratio stayed at 131.2% and total scheme assets rose by 2.0% to £1,109.6bn, while total liabilities also went up 2.0% to £845.8bn.

The final rules for the 2026/27 levy will be published next month.

The Pension Protection Fund (PPF) 7800 Index figures for February 2026 showed a £265.6bn surplus, up by £5.9bn from the previous month.

Compensation fell from around -£16,000 in early 2025 to -£41,000 by early 2026.

There were 200 public sector schemes with 19,784,000 members and 5,060 private sector schemes with 9,174,000 members.

The solution is available to both new and existing clients with DB schemes in surplus.

The number of PPF-eligible schemes fell from 4,974 to 4,840, with membership dropping from 8.8 million to 8.6 million.

Trust in the organisation managing their pension was a key priority for over half (54%) of members.

The board includes Nadeem Ladha, Rekha Owen, Huw Evans and Kate Grant.

TPT has secured capital to fund the first £1bn of transactions and is seeking assessment from TPR for the new consolidation vehicle.

The board said it will update on levy plans for 2026/27 once the Pension Schemes Bill has completed its passage.
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