UK PRT market update

The UK Pension Risk Transfer (PRT) market is on track to have delivered another strong year, continuing a four-year run of increased transaction activity. New business volumes for 2025 are expected to reach around £40 billion once all insurers have reported.

Over 350 transactions were completed across the market last year, exceeding the previous record of 299 in 2024, as schemes of all sizes continued to secure members’ benefits under the UK’s robust insurance regime. L&G completed three of the five largest transactions of 2025, including a £1.6 billion buy-in with the BP Pension Fund and a £4.6 billion buy-in for schemes sponsored by Ford Motor Company Limited, the largest UK PRT transaction of the year. Based on our pipeline, we expect total market volumes in 2026 to be between £40 billion and £50 billion.

While demand for PRT transactions remains high and insurers across the market are delivering strong pricing to pension schemes, it is increasingly the quality of insurer propositions that is shaping scheme decision‑making. This update explores how we are engaging with customers through in-person events and enhancing our proposition through innovation and partnerships.