The total value of pension risk transfer deals reached £10.2bn during the first half of 2026, up from £9.8bn over the same period in 2025, according to Hymans Robertson.
Hymans Robertson’s half-year update, summarising activity in the bulk annuity and longevity hedging markets, revealed that over 135 deals were transacted in the first half of 2026, with schemes below £100m continuing to make up a high proportion.
By comparison, an update for the same period last year recorded 161 transactions in H1 2025.
The consultancy said the current high levels of activity in the bulk annuity market suggested increased volumes over the remainder of the year.
According to the firm, insurer pricing remained attractive, enabling some schemes to complete transactions sooner than previously expected.
It added that strong insurer competition and recent investment from global investors had expanded capacity in the market and supported further development of insurer products and services, with a focus on the post-transaction experience and market efficiency for smaller schemes.
Hymans Robertson head of risk transfer, Lara Desay, commented: “Transaction activity has remained high in the first half of 2026, but current strong demand and very competitive pricing should see volumes increase significantly in the second half of the year.”
She said that trustees continue to place greater focus on non-price considerations like member experience when choosing an insurer, and this must be a “focal point for both innovation and service delivery for insurers”.
Desay added: “Looking ahead, we expect the second half of 2026 to exceed the first half in terms of number of transactions and volumes completed. Several large transactions have already completed since 30 June, and the pipeline is strong.
“The market is evolving quickly, and schemes that engage early and prepare thoroughly will be best placed to secure successful deals in an increasingly competitive environment.”
