More than £500bn of pension scheme liabilities have been insured through pension risk transfers (PRT) since 2007, analysis from Hymans Robertson has shown.

Its first Annual Risk Transfer Report noted that the milestone had been passed following a record number of buy-ins and longevity swaps in 2025, in an era of “unprecedented momentum”.

A total of 380 risk transfer deals were completed in 2025, a 25 per cent increase from 2024, which was the previous record year.

Buy-ins now total more than £370bn of liabilities insured, while longevity swaps total around £170bn.

Over half of this activity has been completed over the past five years, highlighting the accelerated growth in the PRT market since its inception 19 years ago.

Hymans Robertson forecast that £1trn of pension scheme liabilities will have been insured by 2035, with market strength set to continue as appetite from insurers grows across all scheme sizes.

The consultancy added that the UK buy-in market was entering a new era of growth supported by global asset managers, and as defined benefit (DB) schemes gain more endgame options.

“Pension scheme risk transfer has reached a historic milestone with over £500bn of transactions completed in under two decades, and with half of the volume completed in just the last five years,” commented Hymans Robertson parter and risk transfer specialist, James Mullins.

“It’s a clear sign of how attractive and resilient the market has become, and it shows the scale of confidence that pension scheme trustees and sponsoring employers place in this endgame.

“We’re seeing record levels of activity from pension schemes of every size and the momentum is only growing as more capital, and investment supply, comes into the UK market from global asset managers.

“DB pension schemes now have more options than ever before. The superfund market is now firmly proven as Clara continues to demonstrate its value as a credible and trusted solution and with the entrance of TPT’s new superfund.

“We’ve also seen innovation with bespoke alternatives emerging, like the Stagecoach and Aberdeen arrangement, that show how creative and flexible endgame planning has become.

“Given the large recent and projected future volumes, the UK buy-in market is attracting global attention. With PIC’s acquisition by Athora (owned by Apollo) and Just’s acquisition by Brookfield, we’re seeing large international asset managers committing significant capital to the UK buy-in market.

“These transactions signal growing international interest in UK pension risk transfer and are expected to drive fresh capacity and sustained appetite in the years ahead.

“That kind of backing increases insurer capacity and broadens the investment universe, opening up new opportunities for insurers to source assets and ultimately helping to support competitive pricing for pension schemes.”

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