Publication

Risk Transfer Report 2025

calendar icon 25 February 2025
time icon 5 min

Author

Lara Desay
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Lara Desay

Partner and Head of Risk Transfer

The bulk annuity market continues to be buoyant. 2024 saw estimated insurer volumes of c. £45bn and is also set to be the year of a record breaking total number of transactions.

The market continues to evolve and innovate at both the small and large end to truly become a market for schemes of all sizes - whilst aspects other than price, in particular insurer administration and member experience have risen to the top of the agenda for trustees making a decision to move forward with a transaction.

Last year was also important for the superfund market. Clara-Pensions completed its second and third transactions, strengthening its position in this nascent market. We expect innovation from consolidators and superfunds alongside regulatory developments to increase the endgame options available to schemes.

Overview

Download our full report, where we discuss key themes, including:

  • A bulk annuity insurers overview: An update on market dynamics in 2024 and our predictions for 2025.
  • Investment influences in risk transfer: As some insurers move away from tracking corporate bonds, do trustees need to think differently to get their scheme's portfolio ready for a buy-in?
  • A trustee perspective: An update on developments at the large and small ends of the market, alternative insurers' capabilities when moving from buy-in to a buy-out, and how to smooth the journey from buy-in to wind-up.
  • A view of external influences: How insurers are doing on their net-zero investment goals, and the latest on Solvency UK and funded reinsurance. 
  • Longevity risk from Club Vita: Longevity risk is one of the most significant risks that DB pension schemes face, but how well is the risk of living longer really understood?

If you have any questions, or would like to discuss further, please get in touch

Download our 2025 Risk Transfer Report

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This communication has been compiled by Hymans Robertson LLP® (HR) as a general information summary and is based on its understanding of events as at the date of publication, which may be subject to change. It is not to be relied upon for investment or financial decisions and is not a substitute for professional advice 
(including for legal, investment or tax advice) on specific circumstances. HR accepts no liability for errors or omissions or reliance on any statement or opinion. Where we have relied upon data provided by third parties, reasonable care has been taken to assess its accuracy however we provide no guarantee and accept no liability in respect of any errors made by any third party.

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