The First Quench Pension Fund has secured a £160m buy-in that will keep the 2,000-member scheme out of the Pension Protection Fund (PPF).
The bulk annuity market enjoyed a brisk start to the year according to consultants and providers, with £876m of transactions completed in the first quarter.
Just over half of respondents were concerned there was insufficient competition in the bulk annuity market, while 37% said the dominance of a handful of big players was not worrying.
The bulk annuity market in 2012 was dominated by three big players, who hoovered up more than three quarters all new business according to research from Aon Hewitt.
Last year's dip in the buy-in and buyout market was due to trustees focusing on triennial valuations and schemes being unprepared to transact, say insurers.
Market movements in the first quarter of the year have had a mixed effect on the bulk annuity market and pushed up the cost of buy-ins and buyouts, says Towers Watson.
Insurers expect to write more than £6bn of buyout and buy-in business in 2013 after a strong finish to 2012 saw £1.5bn in transactions, says JLT Employee Benefits.
An increase in gilt yields in 2013 could push up the price of buy-ins but improve the affordability of full buyouts, says Pension Corporation.
Rothesay Life co-head of business development Guy Freeman examines the role annuities can play in a portfolio.
JLT Pension Capital Strategies head of buyouts Martyn Phillips looks at how medically underwritten bulk annuity deals could cut the cost of de-risking.