Reinsurance News
pension
UK bulk annuity market sees record deal volumes as competition intensifies, says Aon
30th March 2026
The UK bulk annuity market recorded its busiest year to date in 2025, according to Aon, a global professional services firm that provides advice and solutions across risk, retirement and health. Aon attributes the high level of activity to intensifying competition, particularly in smaller transactions, alongside continued insurer appetite across the ... Read the full article
UK pension schemes urged to review full range of endgame options: Aon
16th March 2026
UK defined benefit (DB) pension schemes are being encouraged to evaluate the full range of available endgame options as the market evolves, according to Aon plc, a professional services firm that provides risk, retirement and health solutions. The firm said that DB schemes are entering 2026 with a broader set of ... Read the full article
Larger pension pots drive record 2025 for individual annuity premiums: ABI
17th February 2026
Larger pension pots helped push total premiums paid into individual annuities up 4% to £7.4 billion in 2025, marking the highest annual level since pension freedoms were introduced in 2014, according to the Association of British Insurers (ABI). The increase came despite a small decline in the number of annuities sold, ... Read the full article
PIC concludes £213m full buy-in for Siemens Healthineers UK benefit scheme
14th January 2026
Specialist insurer PIC has completed a £213 million full buy-in with the Trustees of The Siemens Healthineers Benefits Scheme in the United Kingdom, securing the benefits of 703 pensioners and 967 deferred members and dependants. Siemens Healthineers supplies healthcare equipment and services, including imaging, diagnostics, cancer care, and minimally invasive therapies, ... Read the full article
JAB Insurance to acquire Utmost Group’s Life and Pensions business
29th December 2025
JAB Insurance, the global insurance business of JAB Holding Company, has entered into a definitive agreement to acquire from Utmost Group plc its Life and Pensions (ULP) business. ULP is a UK life and pensions platform with more than £5 billion of assets under management and serving approximately 290,000 pensioners. The platform ... Read the full article
Canada Life completes third pension scheme buy-in worth £41m with A.G. Barr p.l.c.
7th November 2025
Canada Life, an insurance and financial services company, has completed its third pension scheme buy-in transaction worth £41 million with drinks maker, A.G. Barr p.l.c., safeguarding 300 pension scheme members' future benefits. The beverage manufacturer, whose brands include IRN-BRU, Rubicon, FUNKIN and Boost, and the Trustee board of the A.G. Barr ... Read the full article
Achmea, Lifetri, and Sixth Street launch major pension and life insurance partnership
2nd October 2025
Dutch insurance provider Achmea, technology-driven insurer Lifetri, and investment firm Sixth Street have finalised a strategic partnership in the pension and life insurance sector. Initially announced in November 2024, the collaboration has now received regulatory approval, with the Works Councils providing a positive recommendation. The newly formed joint venture, Achmea Pensioen & ... Read the full article
Milliman reports July pension buyout trends, slight cost decline amid rising competitive gaps
26th August 2025
Milliman, Inc., a consulting and actuarial firm, has released the latest update from its Milliman Pension Buyout Index (MPBI). In July, the estimated cost of transferring retiree pension obligations to an insurer through competitive bidding edged down slightly, from 100.2% to 100.1% of a plan’s accumulated benefit obligation (ABO). This places the ... Read the full article
L&G’s 2025 global PRT monitor signals £1tn market opportunity
14th August 2025
Legal & General Group plc, a UK-based multinational financial services company specialising in insurance, asset management, and retirement solutions, has released its 2025 Global Pension Risk Transfer (PRT) Monitor. The report forecasts that over the next decade, up to £1 trillion in pension liabilities could be transferred to insurers across global ... Read the full article
PIC concludes £36m buy-in with Helaba Pension and Life Assurance Plan
12th August 2025
Pension Insurance Corporation, a specialist insurer of defined benefit pension schemes, has concluded a £36 million buy-in with the Helaba (London) Pension and Life Assurance Plan, covering the pensions of all 156 members. Helaba Group is a commercial bank, central bank and partner to the German Sparkassen, as well as a ... Read the full article
PIC secures £4.3bn buy-in for Rolls-Royce UK pension fund
11th August 2025
Pension Insurance Corporation plc (PIC), a specialist in insuring defined benefit pension schemes, has finalised a £4.3 billion buy-in with the Rolls-Royce UK Pension Fund. This landmark agreement safeguards the Fund’s outstanding liabilities, ensuring the pensions of 36,000 members—comprising 15,000 current pensioners and 21,000 deferred members—are fully secured. Rolls-Royce PLC is a ... Read the full article
PIC secures £40m buy-in for Institution of Mechanical Engineers Pension Scheme
24th July 2025
Pension Insurance Corporation plc (PIC), a specialist insurer focused on defined benefit pension schemes, has completed a £40 million buy-in with the Institution of Mechanical Engineers Pension Scheme, with the transaction securing the pensions of all 200 members of the Scheme. The Institution of Mechanical Engineers represents over 115,000 members across ... Read the full article
L&G completes £800m buy-in with Honda Group, UK Pension Scheme
14th July 2025
UK insurer Legal & General Assurance Society Limited (L&G) has completed a c.£800 million buy-in with the Honda Group, UK Pension Scheme (the Scheme). This secures the retirement benefits of over 1,700 retirees and over 3,000 deferred members. The Scheme is a longstanding client of L&G’s Asset Management business, and hence, ... Read the full article
Competition drives best bulk annuity pricing in two years for UK pension schemes: Aon
10th July 2025
Pricing in the UK defined benefit pension scheme bulk annuity market has reached its most favourable level in over two years, driven by increased competition, according to new data from Aon. Mike Edwards, Partner, Risk Settlement Group, Aon, noted, "There are a number of reasons for this pricing opportunity emerging. The ... Read the full article
Competitive pension buyout costs decline in April 2025, Milliman reports
23rd May 2025
Milliman, Inc., a consulting and actuarial firm, has released its latest Milliman Pension Buyout Index (MPBI), revealing a meaningful reduction in the estimated cost of transferring retiree pension liabilities to insurers. According to Milliman’s April 2025 analysis, the cost of executing a pension risk transfer (PRT) through a competitive bidding process ... Read the full article
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