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. 

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.