Citi has secured a £1.5bn buyout for its EMI Group Pension Fund in the biggest bulk annuity deal concluded in the UK so far.
The three biggest bulk annuity insurers accounted for more than 90% of new business written in the six months to April according to research from Aon Hewitt.
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 National Society for the Prevention of Cruelty to Children (NSPCC) Pension Scheme has tied up a £63m buy-in with Pension Insurance Corporation (PIC).
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.
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.
The Chamber of Shipping Retirement Benefits Plan has completed its second buy-in this year, paving the way for a full buyout of the scheme.
Pension Insurance Corporation saw a surge in profits last year after writing £1.5bn in new business.
The Institute of Cancer Research Pension Scheme has swapped its gilt portfolio for a £30m buy-in with Pensions Insurance Corporation as part of its investment strategy.
The SR Technics UK scheme has avoided entering the Pension Protection Fund after it was cut adrift of its sponsoring employer as part of a corporate restructuring.