Intense competition between insurers is helping the UK’s defined benefit pension schemes achieve record buy-in pricing, according to research by consultancy Lane Clark & Peacock.
There was an annual record of 367 buy-ins completed in 2025, with strong growth in smaller transactions. According to LCP, there is now also intensifying insurer competition, with newer entrants Royal London, Prudential and Utmost now gaining close to a 10 per cent combined market share.
LCP attributes this alteration in buy-in pricing to record insurer capacity exceeding short-term demand and a growing contribution from newer insurer entrants, increasing competition for transactions of all sizes.
Pricing has also remained broadly unaffected by the recent market turmoil stemming from the conflict in the Middle East, with pricing attractive for schemes continuing into the second quarter of this year.
Ruth Ward, a partner at LCP, says: “Competition is no longer limited to the largest transactions, with smaller schemes benefiting from a wider range of insurers actively participating in this segment and improved access to the market. For trustees and sponsors, that creates a real opportunity.”
Blumont entered the UK market in early 2025, writing £30m of buy-ins across eight transactions over the year. In late March 2026, its parent company, Brookfield, completed its acquisition of Just Group and is expecting to write business through Just going forward.
