UK - Pension schemes transferred more than £4bn (US$6bn) of liabilities in Q1 making it the highest ever quarter for risk transfer, Hymans Robertson said.
The consultant's Managing Pension Scheme Risk Report for Q1 2010 also revealed schemes completed a record £11bn worth of scheme risk transfer deals in the year to March 31.
Longevity swaps reached £7.1bn in the last nine months alone, while buy-ins and buyouts covered more than £3.75bn in the last year - with more than £1bn completed in Q1 this year alone.
In Q1 Aviva completed £350m of buy-ins and buyouts, doubling its total volume of deals for the whole of 2009, while MetLife completed £230m in the same period.
However, Pension Insurance Corporation dominated the buyout/buy-in market during the year to March 31, with £1.19bn written - almost a third of the market share.
Abbey Life (Deutsche Bank) dominated the longevity swap market in Q1 due to the £3bn longevity swap deal completed by BMW in February.
Hymans Robertson said scheme risk transfer deals would exceed £15bn this year - about £10bn through longevity swaps and £5bn for buy-ins and buyouts.
Senior liability management specialist James Mullins (pictured) said: "The raft of pension scheme closures over the last 18 months coupled with the restrictions on tax relief for high earners' pension contributions are further increasing the demand from schemes to reduce risk."
Mullins also said more FTSE100 and FTSE250 companies would complete risk transfer deals later this year setting records for longevity swaps, buy-ins and DIY buy-ins.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.