Pensions - Articles - 3rd quarter of 2024 shows record value for buyin and buyouts

 Looking towards the remainder of the year, the leading pensions and financial sevices consultancy anticipates that the total value of pension scheme liabilities insured for the whole of 2024 via buy-ins will be between £40-45bn. It is expected that more than 85% of the bulk annuity market, by value during the third quarter of 2024, resulted from deals in excess of £1bn

 Commenting on the figures, Lara Desay, Partner and Head of Risk Transfer at Hymans Robertson, said: “The second half of 2024 has so far been dominated by a number of very large transactions in excess of £1bn which has been a stark contrast to the first half of 2024, which saw a large pipeline of small and medium transactions complete. We expect to see a few more transactions complete before the year-end as insurers look to fulfil their ambitions for the year and allocate remaining surplus capital to new business.

 “With three new entrants to the market announced during 2024, market capacity has increased, creating greater competition and wider choice for trustees to secure their pension scheme liabilities. We are seeing record buy-in transaction numbers which continues to be stimulated by improved pension scheme funding levels and expect it won’t be long before we see 300 buy-ins in a single calendar year.”