Record bulk annuity activity in 2025 has driven more than 350 transactions, with small schemes below £100m accounting for over 85% of deals completed in the first half of the year. While insurers are active across the board, Just Group and Aviva have led the market in insuring smaller pension schemes. This surge in volume creates a complex ecosystem of advisers, law firms, and professional trustees who facilitate these multi-million pound transfers.
Pensions Expert analysed 317 bulk annuity announcements since the start of 2023, covering deals ranging from sub-£10m transactions to those involving RSA Group, Boots, and Rolls-Royce. The total value of these deals exceeds £110bn, covering more than 814,000 DB members, though the actual total for members is likely much higher given that this information is not always disclosed.
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Advisory firms dominate the market from a deal value perspective. LCP has been involved in 56 deals worth £34.4bn, representing 19% of announcements mentioning a third-party consultant. Aon follows with 43 deals valued at £38.3bn, a figure that suggests a tendency toward larger transactions. Mercer has been involved in 45 deals worth £25.6bn. Isio appears in 32 deals, while K3 Advisory—acquired by Isio last year—has 23 mentions. Gallagher rounds out the top firms with eight deals in the sample, despite its recent acquisition of First Actuarial, Redington, and Buck Consultants.
Trustees often stick with incumbent advisers, such as their existing investment consultant or actuarial adviser, to ensure continuity. Yona Chesner of Cartwright argues that this familiarity can feel like the safer option during a complex transaction. However, Chesner suggests that testing the wider market allows for a thorough assessment of all available approaches, helping trustees achieve the best possible outcomes without necessarily slowing the process down by conducting a full tender.
The role of legal firms
Less frequently highlighted in transaction announcements are the law firms involved. Lawyers ensure the scheme rules are complied with and benefits are not changed when the entity responsible for paying them shifts. CMS has led the pack in terms of bulk annuity deal involvement over the past three years, appearing in 53 of 262 announcements that mentioned a law firm, or 20% of the time. CMS was involved in transactions worth a combined £27.1bn. Close behind in terms of deal numbers are Eversheds Sutherland with 45 and Gowling WLG with 32. A further 12 firms are mentioned at least 10 times in the dataset, with 40 different companies mentioned in total.
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Professional trustees leading the charge
Trustees play a significant role in deciding which insurer to select and how to structure the process. Vidett leads the professional trustee sector by some margin, followed by Independent Governance Group, BESTrustees, and Capital Cranfield, all of which have been involved in more than a dozen deals each. Ben Salmons, client director at Vidett, says his firm’s size has contributed to its high activity. Vidett has more than 350 appointments, the third most in the industry according to LCP’s Sole Mates survey.
Salmons notes that there has been a conscious decision to publicise the role of trustees in these transactions. Previously, announcements typically came from insurers or advisers. Vidett has shifted this dynamic to share the trustee and member angle, emphasizing that trustees are integral to securing these transactions for members.
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