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Recent market volatility driving demand for bulk annuity transactions: Isio

by Emma Simon
April 28, 2025
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There continued to be strong demand for bulk annuity transactions in the first quarter of this year, despite significant market volatility, according to Isio. 

The pension consultancy said its risk settlement business had continued to grow substantially over this period. In conjunction with its K3 team, acquired in February 2025, it has advised on 15 completed transactions so far during 2025.

Isio says demand for these transactions had come from schemes of different sizes. During Q1 it says it worked with a broad range of schemes from low millions to multi-billons. Notably, several deals transacted by its K3 team were for schemes with assets under £2m — reflecting the fact that schemes of all sizes can now secure insurer engagement with the right approach.

Macroeconomic volatility, including the market movements linked to US tariff policy, has created funding uncertainty for some schemes. Isio says this volatility will help bring discussions on endgame solutions to the fore, as sponsors and trustees seek to reduce the risk from future market movements, and to lock in the improved funding levels of maturing DB schemes.

Isio partner Karen Gainsford says: “Against a backdrop of market uncertainty, we are seeing strong demand for de-risking, particularly as schemes recognise the opportunity to bank recent funding gains.

“As the only consultancy to have led transactions with every active insurer in the bulk annuity market in 2024, we are uniquely placed to advise across all sizes and complexities of schemes. We’re seeing insurer innovation on illiquid assets in particular improve outcomes for large schemes, while smaller and mid-sized schemes are benefitting from thorough preparation and effective insurer shortlisting.”

Adam Davis, partner and K3 lead at Isio, adds: “This quarter has again demonstrated that micro and small schemes can achieve excellent outcomes if they approach the market in the right way. The transactions we’ve completed show the breadth of insurer appetite and competition at this end of the market, with the transactions being spread across six different insurers.

“We’re seeing very healthy demand for schemes under £100m and in particular, those below £10m, as sponsors prioritise removing pension risk from their balance sheet. With smaller schemes, there’s no one-size-fits-all solution, but with the right advice and preparation, they can access competitive pricing and high-quality insurer engagement.”

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