For trustees and sponsors of UK pension schemes, risk transfer involves deciding how best to reduce or remove long-term financial and longevity risks from the scheme.
We support clients in assessing whether a buy-in, buyout, or alternative de-risking solution is appropriate, and how to execute it effectively and efficiently.
We help trustees and sponsors navigate the full spectrum of risk transfer options with clarity and confidence. Our independent advice is grounded in deep market experience and strong relationships across the insurer landscape, enabling us to identify solutions that are both competitive and well-aligned to scheme objectives.
Whether you are exploring early-stage strategy or preparing for a transaction, we support you in shaping the right approach, managing risk, and delivering member benefits with certainty and security.
Explore our unique insight into the risk transfer market, where we provide our annual overview and analysis.
Opens in new window Risk Transfer Report 2026We help you understand the risks facing your scheme and prioritise action to take. If risk transfer is the right choice, you can be confident that our deep market knowledge will help you get the best value.
The goal for many defined benefit (DB) pension schemes is to transfer their risk to an insurance company. Recently, the demand for risk transfer has been unprecedented. It’s more important than ever to be prepared so you’re ready to capture funding opportunities and maximise insurer engagement when you approach the market.
It’s vital to understand the insurance market. Our team bring market-leading insight:
The alternative risk transfer market is developing alongside the traditional options of buy-ins, buy-outs and longevity swaps. The UK’s first pension superfund transaction was announced in 2023 and capital-backed solutions continue to evolve. We advised on the first ever superfund transfer from PPF assessment, so we have the expertise to help you consider your options and implement them efficiently.
In a busy market where more pension schemes can afford to fully insure their benefits, insurers are highly selective when providing quotations to smaller schemes.
Our core transaction offering is our dedicated risk transfer solution developed specifically for smaller schemes (typically schemes smaller than £150m). Leveraging our market-leading expertise, we develop a tailored broking strategy for each scheme to maximise insurer engagement - ensuring that every scheme, regardless of their size, secure outstanding pricing and a smooth transaction process. We've led on 65+ transactions less than £100m.
We also offer TRUST - a holistic risk transfer and investment offering designed for smaller schemes on their end-game journey. More information can be found in our flyer here.
Hymans Robertson's expertise was instrumental in delivering this excellent result for the Fund.
Precision gives you the tools to understand your scheme’s data and benefits, and the confidence to improve them so they’re fit for purpose now and in the future.
Your scheme data is the basis for your members getting the right benefits at the right time. Your data also needs to meet the Pensions Regulator’s (TPR’s) expectations and your objectives.
Partner and Head of Risk Transfer Solutions
Partner and Risk Transfer Specialist
Partner and Risk Transfer Specialist
Partner and Head of Alternative Risk Transfer Solutions
Risk Transfer Specialist and Head of Core Transactions
Risk Transfer Specialist
A buy-in is an insurance policy held as an asset of the pension scheme, where the insurer pays income to the scheme to match member liabilities. A buy-out goes further, transferring responsibility for paying members directly to the insurer, allowing the scheme to wind up.
A longevity swap is a risk transfer arrangement where a pension scheme hedges the risk of members living longer than expected. The scheme pays fixed payments, and in return receives payments linked to actual member longevity, helping to stabilise long-term liabilities.
Risk transfer may be appropriate if your scheme is well-funded, has stable data, and trustees and sponsors want to reduce long-term uncertainty and volatility. The right solution depends on your funding position, objectives, and readiness for a transaction.
Schemes can typically transfer longevity, investment, inflation, and some operational risks through buy-ins, buy-outs, or other de-risking solutions, depending on the structure chosen.
Preparation often begins years in advance. Improving data quality, benefit accuracy, and governance early can help schemes access a wider range of options and more competitive pricing when they are ready to transact.
Thought leadership on the finance and investment industry
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Join us for our annual risk transfer conference taking place 3 November at 30 Euston Square.
In our latest case study, we share how we designed and implemented a dynamic investment framework to create value, increase liquidity and improve strategic flexibility for a multi-billion-pound DB scheme.
The bulk annuity market has matured rapidly in recent years, with 2025 seeing the highest number of buy-outs completed to date. A further 500 schemes are now in the post-transaction phase, working towards buy-out, with around half of defined benefit (DB) schemes targeting buy-out as a long-term objective.
We’re proud to have supported the trustees of the John Swire & Sons Pension Plan in winding up the FPF Section. The trustees met their long-held objectives of securing members’ pensions while avoiding reliance on the company. The complex, multi-stage project required close co-ordination between the trustees, insurer and advisers. We delivered results at every step by working as one team, focused on clear decisions, disciplined execution and member outcomes.
