The ICI Pension Fund has completed a £630m buy-in covering over 4,000 of its members with Scottish Widows.
As insurers implement new capital buffers that make bulk annuities less profitable, Kristian Brunt-Seymour explores how it will impact the market.
The Wiggins Teape Pension Scheme has agreed a £400m pensioner buy-in with Scottish Widows in the insurer's first foray into the bulk annuity market.
Scottish Widows has entered the bulk annuity market and expects to announce its first deal in the coming weeks.
The Makro Staff Pension Scheme has agreed a £185m buy-in with Rothesay Life to insure the benefits of all its members.
The total value of annual bulk annuity deals is predicted to reach a "new normal" of over £10bn after volumes doubled within two years, according to LCP.
The value of buy-in and buyout deals completed in the first half of the year was four times higher than in the same period last year, research shows.
Buy-in prices have fallen by up to 3% as a result of changes announced in last month's Budget, one consultant says.
The Western United Group Pension Scheme has secured a £111m pensioner buy-in with Rothesay Life, a year and a half after completing a £115m deal with the same insurer.
The volume of premiums in bulk annuity deals reached a record £3.9bn between July and September, research from LCP shows.