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 since 2021, according to consultants Hymans Robertson.
In spite of lower volumes, however, levels of activity remained vibrant as smaller scheme transactions came to the fore. Hymans Robertson said that 139 deals were transacted between 1st January and 30th June 2025 for schemes £100m or below in size and as a result, the market has opened up to a wider range of schemes, with more streamlined processes helping to speed up transactions.
A growing emphasis on pension scheme members’ experience has also been evident in the first half of the year. With many schemes preparing to move from buy-in to buy-out, trustees are placing greater focus on how members are supported through the transition. Strong funding positions and broader insurer choice mean schemes are no longer driven solely by price. Instead, they are demanding tailored benefit structures, digital engagement tools and continuity of service that match or exceed current standards.
“The first half of 2025 has shown that the risk transfer market remains resilient. While volumes have been lower, the level of engagement, particularly among smaller schemes, has been encouraging, and pricing has remained highly competitive. There’s been continued innovation and competition in the risk transfer space, with new entrants and evolving deal structures helping to meet demand,” said Lara Desay, Head of Risk Transfer at Hymans Robertson.
“What’s clear is that member experience is now front and centre. Schemes are rightly prioritising how members are supported through the buy-out journey, and insurers are responding with more innovative and service-led approaches. We’re seeing a shift in expectations, where schemes are looking beyond transaction execution and focusing on long-term service quality and member outcomes. As the market matures, member-centricity and operational resilience will be key to successful transactions in the remainder of 2025 and beyond.”
