Macfarlane Group has introduced a pension increase exchange option for active and deferred members after reducing pensioner liabilities by 35% through a similar exercise.
The Costain Pension Scheme has shed £35m of liabilities through a series of transfer exercises.
Pensions minister Steve Webb warned further legislation on enhanced transfer value exercises and pension increase exchanges is being "held in reserve" by the government.
The code of conduct on enhanced transfer value exercises and pension increase exchanges has thrown into question the degree of responsibility trustees have in ensuring members are treated fairly.
The industry has welcomed the code of conduct on enhanced transfer value exercises and pension increase exchanges, but questions remain over how it will impact take-up of offers.
Cash incentives should be offered under "no circumstances" in enhanced transfer value exercises, an industry code of conduct warns.
Balfour Beatty has slashed its pension deficit from £354m to £188m over the last year through a mixture of employer contributions, de-risking and changing actuarial assumptions.
Costain has begun an enhanced transfer value exercise as part of a raft of measures designed to cut its pension scheme liabilities by £50m.
Jack Jones talks to Margaret Snowdon