Small scheme buy-ins in 2025

In 2024 the UK bulk annuity market had a record number of buy-ins: insurers completed almost 300 transactions and wrote more than £47bn of total premiums. Schemes smaller than £100m represented just over 10% of the total value but made up around 80% of all transactions.

Although 2025 started more slowly than some insurers expected, initial data suggests competition between insurers has increased in the small scheme market. Activity is ramping up, and we expect a busy second half of 2025.

In this publication, we explore:

• The shift in market dynamics in 2025
  
• What increased capacity means for the market
• What challenges remain
• The competitive future for small schemes

You can read the full publication here. 

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