Overview of the pension risk transfer market - March 2020

To mark the beginning of a new decade we have taken a look back at how both the market and Legal & General have developed and the trends we expect to see looking ahead.

2019 marks the third consecutive year of growth in the bulk annuity market and another record breaking year for both Legal & General and the market as a whole. Market volumes exceeded £40 billion, with us and one other insurer completing over £10 billion of transactions each. During 2019 Legal & General wrote £10.3 billion of new business in the UK. This compares to £8.4 billion in 2018.  Our report includes a case study of our innovative de-risking transaction with the AIB Group UK Pension Scheme that involved the first use of a new solution developed by Legal & General – an Assured Payment Policy or APP.

Frankie Borrell, Head of Client Solutions, comments:

"The de-risking market has come a long way in the past decade. Whilst bulk annuities will remain the cornerstone of our business, we’re committed to playing a leading role in innovation too".

Read the full report: View - 2019 Full year market update