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Bulk annuity business was up fivefold in the second quarter of the year, but falling affordability pushed schemes towards buy-ins rather than buyouts, research shows.

Trustees of the Morris Ashby Limited Pension Scheme have completed a £38m buyout deal with Pension Insurance Corporation removing its liabilities from the Pension Protection Fund.

The Nova Chemicals UK Pension Plan has agreed a £30m buyout with Pension Corporation covering the liabilities of its 155 members.

Pension Insurance Corporation has brought together its policy holders in an event believed to be the first of its kind to help the firm engage with its pensioner customers.

Scheme sponsors are expected to take advantage of "enhanced buy-ins" to significantly reduce the cost of buy-ins, industry figures say.

Pension Insurance Corporation is hoping to raise around £500m in new capital to allow it to complete £5bn of risk reduction deals with schemes.

Trustees of the London Stock Exchange Group's defined benefit plan have sealed a groundbreaking £203m deal to insure its pensioner members' liabilities after reporting a £33m increase in the scheme's surplus.

Trustees of the George Hammond Retirement Benefits Plan have completed a £19m buyout of the scheme following a significant fall in the cost of insurance policies.

Favourable market conditions mean buyout prices are at their most reasonable since before the collapse of Lehman Brothers in 2008, Pension Insurance Corporation says.

Pension Corporation saw a £54m reduction in new business value last year due to quieter market conditions, preliminary results show.