Welsh National Opera pension scheme insures all 158 members in £11.1m Utmost buy-in
The scheme was in surplus when the deal completed in September, after years of sponsor support.
23 October 2026·1 min read
Bulk annuities
65 articlesBulk annuities transfer defined-benefit pension liabilities to an insurer through a buy-in or buyout. The transaction changes the pension scheme’s counterparty and funding position, while the insurer takes responsibility for meeting the insured benefit cash flows. Pricing therefore connects longevity assumptions, interest rates, credit spreads, capital and the assets selected to back the liability.
This section follows UK and European bulk annuity transactions, insurer capacity, longevity reinsurance and the investment consequences of pension risk transfer. It covers the firms writing business, the advisers and trustees arranging it, and the portfolio choices made once a transaction completes. Readers can also follow the matching adjustment and ALM sections for the regulatory and capital questions behind an annuity writer’s balance sheet. Company profiles and directories help readers identify the insurers, managers and specialist providers active in the market. Coverage tracks announced deals as well as the capacity and market conditions that shape future transactions.
PIC concludes £85m buy-in with Interface Europe Pension Scheme trustee
PwC, the trustee's lead adviser, said advance preparation and early market engagement meant several complexities were handled efficiently.
21 October 2026·1 min read
Achmea completes Kring ES Nederland pension buy-out with €270m of assets
Achmea said transferred members will receive full inflation protection on a 100% HICPxT basis.
19 October 2026·1 min read
Biffa Pension Scheme completes £275m buy-in with Standard Life
The transaction secures benefits for 3,070 members and completed in September, according to reports.
20 October 2026·1 min read
FirstGroup Pension Scheme section completes £90m full buy-in with Aviva
Adviser LCP said the process took three months from initial planning to completion.
15 October 2026·1 min read
Royal London completes £40 million Metallus pension buy-in
The parties agreed an expected pathway to buyout during exclusivity, Royal London said.
14 October 2026·1 min read
MetLife poll: 95% of DB sponsors with de-risking goals intend full liability divestment
Some 55% of the sponsors polled expected to complete divestment within two to five years of the July survey.
7 October 2026·3 min read
L&G completes £1.7bn UBS Section buy-in
The transaction included novation of the Plan’s existing longevity hedge with Zurich to L&G.
13 October 2026·1 min read
Athora completes OFP BP buyout involving EUR1.3bn in AUM
Participants will receive pensions with annual guaranteed indexation linked to European inflation, Athora said.
1 October 2026·1 min read
Clara agrees transfer of Arco pension scheme with about £135m of assets
Clara said 1,281 members would transfer and benefit from additional ringfenced capital.
29 September 2026·1 min read