PRT market update
Half year 2026
The UK Pension Risk Transfer (PRT) market remains on track for another strong year. While transaction activity in the first half has been more measured than the record-breaking levels seen in recent years, this reflects a market that continues to evolve and mature following the introduction of the Pension Schemes Act 2026 earlier this year.
For trustees and sponsors, this has created an era of choice. Strong funding positions, attractive insurer pricing and increased flexibility across the endgame landscape mean many schemes are better placed than ever to secure positive outcomes for members. As organisations take time to assess the full range of options available, we continue to see healthy levels of market activity and expect momentum to build throughout the remainder of the year.
Against this backdrop, trustees are increasingly looking beyond the transaction itself, placing greater emphasis on factors such as member experience, operational resilience and the ability to deliver a smooth transition following a deal.
In this update, we explore how L&G continues to support schemes through this evolving landscape. From our award-winning customer service and member engagement programme to innovative transaction solutions and thought leadership, we remain focused on helping schemes secure pensions for the long term while delivering positive outcomes for members.
A life-long partner
Celebrating 190 years
We believe in long-term relationships, built on honesty, integrity and trust.
In June, L&G celebrated its 190th anniversary, marking nearly two centuries of helping people secure their financial futures and supporting customers through every stage of life.
Award-winning business
Risk Transfer Provider of the Year
We were proud to be named Risk Transfer Provider of the Year at the 2026 Professional Pensions Awards. The award recognises our market leadership, innovative approach and continued focus on delivering strong outcomes for trustees and members across schemes of all sizes.
Our service team is multi-award winning because our people care about providing outstanding service for every client and pension scheme member. We are proud that this has once again been recognised at the CCA Global Excellence Awards.
Customer Experience Brand of the Year
This accolade recognises our commitment to delivering exceptional customer experiences, putting customers at the heart of every decision and continually improving the support we provide to members.
Excellence in ESG
This award reflects the way ESG considerations are embedded across our business, shaping our culture, informing decision-making and supporting positive customer outcomes, while reinforcing our long-term commitment to responsible investment.
Building on our Customer Service Team of the Year success in 2025, these latest achievements highlight the dedication and expertise of our teams. Since 2021, we have won 22 CCA awards, underlining our long-standing focus on service excellence.
Our latest insights
Scaling Capital
Gareth Mee, CEO of Institutional Retirement, recently appeared on Jennifer Robertson's Scaling Capital podcast, sharing his perspectives on the future of the pension risk transfer market. The discussion explored L&G's growth ambitions, investment approach and the role of long-term thinking in building a successful and sustainable business.
Beyond the transaction
Charlotte Quarmby, Head of Transitions, discusses why the period after a transaction completes is just as important as the deal itself. From data quality and administration to member communications and post-sale planning, Charlotte explores the key ingredients of a successful transition and why member outcomes remain at the heart of the journey.
Beyond the soundbites
In a recent episode of Simmons & Simmons' PRTea podcast, Cleo Taylor Smith, Origination and Execution Director, shared her perspectives on the evolving PRT market including endgame options, common misconceptions, and opportunities to augment members' benefits as schemes move towards buyout.
The era of choice in DB endgames
Rosie Twist, Origination and Execution Director, explores the key considerations for trustees navigating an increasingly diverse endgame landscape. With improved funding positions and a growing range of options available, Rosie examines how schemes can assess the opportunities and challenges associated with buyout, run-on and alternative endgame strategies.
Our investments outlook
In this episode of The PRT Pod, host Cleo Taylor Smith, Execution and Origination Director, is joined by Yasemin Saltuk Lamy, Head of Investment Strategy, and Emiel Van Den Heiligenberg, Asset Management Chief Investment Officer, to explore the key forces shaping global investment markets in 2026.
Endgame insights: Putting theory into practice
Our Endgame Insights report brings together expertise from across L&G's Asset Management and Pension Risk Transfer businesses. Produced in partnership with the PMI, it explores the latest market conditions, trustee attitudes towards buyout and run-on strategies, and the opportunities emerging from improved funding positions.
Every member matters
Our fully in-house service model means that clients and members alike benefit from a culture built on expertise, empathy, and human connection - creating experiences that feel personal. By making it easy to speak to real people, we're able to support members at every stage of their journey.
In June, we welcomed around 4,000 customers to our flagship member event at BBC Gardeners' World Live in Birmingham. Colleagues from our Customer Service teams were on hand throughout the event to answer questions, provide guidance and listen to customer feedback in a relaxed and informal setting.
These conversations provide valuable insights into what matters most to our customers, helping us continually improve our services and communications. Sarah Spooner, Chief Customer Officer, explores how combining digital innovation with meaningful human interaction can enhance the member experience: Why customer connection still matters in a digital world.
Alongside our flagship annual event in Birmingham, we have run a programme of member roadshows across the UK since 2018. Designed to provide a more intimate experience, these events give members the opportunity to hear from senior L&G representatives, ask questions about their pension, and learn more about the support available before and throughout retirement.
In April, we met around 150 customers in Glasgow, where guests joined us for lunch, connected with colleagues from across L&G and accessed support through our dedicated Pensions Helpdesk. Attendees also heard from comedian Jenny Eclair, who shared her reflections on her career and her take on staying well in later life.
These conversations provide valuable insights into what matters most to our customers, helping us continually improve our services and communications. Sarah Spooner, Chief Customer Officer, explores how combining digital innovation with meaningful human interaction can enhance the member experience: Why customer connection still matters in a digital world.
Keira Elwell, Transitions Consultant
Olivia Cardy, Pensions Administrator
At L&G, we're committed to developing the next generation of talent. Through our apprenticeship programme, young people can gain recognised qualifications, build valuable workplace experience and develop long-term careers while helping to deliver positive outcomes for pension scheme members.
We caught up with two former apprentices who now play important roles within our PRT business. Olivia Cardy, Pensions Administrator, works in Customer Services, supporting members directly, while Keira Elwell, Transitions Consultant, is part of our Transitions team, helping schemes move smoothly through the post-transaction journey. Both share how their careers have developed since joining L&G.
Our multi-year Future of Client Services programme continues to gather pace, with significant progress made across onboarding, administration and digital services during the first half of 2026.
We have introduced new technology to provide greater visibility throughout the onboarding journey, strengthened operational processes and expanded the use of automation to improve efficiency, consistency and scalability. These developments are helping create a more seamless experience for trustees, advisers and members while allowing our teams to focus on the interactions that matter most.
At the same time, we are continuing to enhance the digital services available through My Account and the L&G App. This includes developing online retirement illustrations and expanded self-service functionality, giving members greater flexibility and control while maintaining access to the personal support for which L&G is known.
Leading through innovation
As the PRT market evolves, trustees are increasingly looking for solutions tailored to their specific circumstances. We work collaboratively with our clients, harnessing the breadth and depth of knowledge across L&G to make the complex simple.
In December 2025, we completed a £14m buy-in for a hybrid pension arrangement containing both DB and DC benefits, before transitioning to buyout just over three months later. Working closely with the Trustee and WTW, we developed an integrated solution that simplified a complex benefit structure, enabled a seamless transfer of administration and ultimately brought both DB and DC benefits together with a single provider. Following buyout, £70m of DC assets transferred into L&G's Mastertrust, completing the Trustee's long-term de-risking strategy and delivering a more joined-up experience for members.
Read the full case study to explore how careful planning and collaboration delivered a successful outcome.
L&G Flow is our tailored solution for smaller pension schemes, combining guaranteed pricing, dedicated support and a flexible post-sale experience. Designed specifically for schemes with less than £150 million in assets, Flow makes the complex simple, helping trustees navigate the buyout journey with confidence while ensuring members remain at the heart of every decision.
So far this year, we have completed 9 Flow transactions totalling around £109m, ranging from £1m to over £37m, demonstrating our commitment to schemes of all sizes.
Our UK new business volumes
During the first half of 2026, we completed 11 transactions totalling £2bn of PRT business in the UK. This compares to 23 transactions and £3.3bn insured in H1 2025.
HY UK bulk annuity sales 2026 | <£100m | >£100m |
|---|---|---|
Total size (£m) | 109 | 1,746 |
Average size of quote (£m) | 12 | 873 |
Number of transactions | 9 | 2 |
Given the trend of schemes’ funding positions improving over recent years, schemes are increasingly reaching the point of buyout in surplus. This surplus can be used to enhance member benefits. £0.1 billion of our H1 2026 total relates to premium received through top-ups on existing policies to increase insured member benefits. This is excluded from the breakdown in the table above.
Upcoming events
6 October 2026
DB / DC Client Conference
London
14 October 2026
Networking drinks - Pensions UK Conference
Liverpool
10 December 2026
L&G festive PRT seminar
London
Get in touch
Reach out for more information about our products and services
Trustees & Advisers
Email our de-risking inbox for more information about our products and services
Media / Journalists
For press and media enquires please email our inbox
Careers
Find the latest vacancies on our careers site