Browsing: Pension Risk Transfer

Longevity and Mortality Investor (LMI) is the new name for Life Risk News. Greg Winterton caught up with Chris Wells, Managing Editor at LMI, to discuss the reasons behind the rebrand, his thoughts on how the longevity and mortality markets have evolved in recent years, and plans for the future.

The BP Pension Fund has completed a £1.6bn bulk purchase annuity buy-in transaction with Legal & General. The deal was the first pension risk transfer transaction for the c.£18bn fund; L&G provided a gilt-based price lock using the fund’s gilt holdings to ensure price certainty.

Fidelity & Guaranty Life Insurance Company and Fidelity & Guaranty Life Insurance Company of New York, will assume responsibility for pension benefits for approximately 3,150 retirees and beneficiaries.

This latest buy-in covers 758 members and marks the first transaction completed with Quantum Advisory.

Total US pension risk transfer new premium fell 64% in the second quarter of 2025 to $4.1bn, according to LIMRA’s U.S. Group Annuity Risk Transfer Sales Survey.

Transaction volumes of £9.8bn in the first six months of 2025 are the lowest first half volumes seen in the UK’s pension risk transfer market for four years.

The transaction secures the benefits of more than 1,900 members and was finalised in August this year.

In total, the £105m buy-in protects the pensions of 1,341 members across both Schemes.

During August, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process decreased from 100.1% to 100.0% of a plan’s accounting liabilities.

Completed in June 2025, the transaction secures the benefits of over 1,000 pensioners and dependents as well as over 750 deferred members.