Independent Governance Group (IGG) completed over £8.5 billion in bulk annuity transactions in 2023, according to its risk transfer performance data.
IGG was the biggest trustee firm for bulk annuities last year, accounting for 17 per cent of the market’s transactions worth just under £50 billion.
The £8.5 billion was delivered in 23 deals, with around one completion every two weeks. Activity surged in the fourth quarter of 2023, accounting for 40 per cent of all IGG transactions last year.
IGG takes a personalised approach to managing schemes of various sizes and complexity, with transactions ranging from £1.5 million for the Intersil Limited Superannuation Fund to £4 billion for the Co-operative Pension Scheme.
In 2023, IGG worked with a wide range of market insurers and advisers to secure long-term pension payments for about 100,000 members, including 49,000 retirees.
IGG trustee director and head of risk transfer Akash Rooprai says: “With UK annuity policies still representing a key part of many schemes’ investment strategy, we are pleased to have partnered with scheme sponsors, co-trustees and insurers to provide long-term security for members’ benefits.
“A bulk annuity (buy-in) purchase is not the only option available to schemes, but it can be the right one in the right circumstances. We look forward to continuing to work with schemes of all shapes and sizes to reach their optimal end-game solution in whatever form it takes.
“In a market trading at record levels, which is expected to continue, ensuring schemes are ready to implement their bulk annuity solution and have the appropriate funding and governance structure in place is imperative to attracting the attention of the risk providers.”