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Latest DB news
Small scheme buy-ins driving bulk annuity market as streamlined services thrive
More than 350 bulk annuity transactions were completed in 2025, according to a new estimate, as streamlined processes have opened up the market to smaller pension schemes.
M&G eyes bulk annuity expansion after crossing £1bn mark in 2025
Bulk annuity providers M&G and Just Group have reported on their new business volumes for 2025 amid increasing competition among insurance companies.
Bulk annuities latest: PIC ties up Dr Martens scheme; PMI seals buyout
Plus: Broadstone reveals five micro deals completed in the second half of 2025 as part of the test of Aviva’s new Clarity service for small schemes.
PMI seeks to upskill offshore pension administration provision
The PMI’s chief customer officer is to visit India to meet with staff from administration providers as part of a plan to “raise professional standards across the UK pensions ecosystem”.
Bulk annuities news in association with Canada Life
Employer group hits out at Teachers Pension Scheme costs
Failure to address the spiralling cost of the Teachers’ Pension Scheme could lead to “institutional failure and closure” of universities that are mandated to participate, according to the Universities and Colleges Employers Association.
Trafalgar House upgrades digital member communications through Smart partnership
The upgrade will initially focus on retirement communications, before being rolled out across a wider set of member communications, the administrator has announced.
Vidett acquires corporate governance firm Bridgehouse
Professional trustee group Vidett has acquired Bridgehouse Company Secretaries, a corporate governance, risk and regulatory compliance service provider, as it seeks to expand its service provision.
Ferry firm secures £35m bulk annuity deal with Just Group
Cross-channel transport company Brittany Ferries has secured its defined benefit pension scheme through a £35m buy-in, insuring 444 members’ benefits.
Features and analysis
A Christmas wishlist for the pensions industry
With the festive break upon us, it’s time to find out what the pensions industry really wants for Christmas this year. Pensions Expert asked representatives of 21 organisations from across the UK retirement industry to come up with one ‘Christmas wish’ – something they would like to see over the next 12 months.
Outlook 2026: The changing face of DB endgame options
Defined benefit experts give their views on the challenges and opportunities presented by the Pension Schemes Bill and other industry developments.
The unknown cost of pre-97 indexation to DB schemes
Potential changes to the way the PPF’s compensation is calculated and paid could have an impact on its 7800 index and some schemes in its assessment period, as Nick Reeve reports.
The PPF Purple Book: Six key charts for the corporate DB sector
The 20th edition of the Pension Protection Fund’s Purple Book shows a gradual but consistent decline in the number of defined benefit (DB) pension schemes. But below the surface, the sector remains dynamic with millions of people’s retirements at stake.
Five Questions For… Morten Nilsson, Brightwell
Pensions Expert spoke to Brightwell chief executive Morten Nilsson about the government’s surplus release plans, and how he envisages sharing the BT Pension Scheme’s experiences with the wider market.
A Christmas wishlist for the pensions industry
Outlook 2026: The changing face of DB endgame options
The unknown cost of pre-97 indexation to DB schemes
The PPF Purple Book: Six key charts for the corporate DB sector
Five Questions For… Morten Nilsson, Brightwell
More defined benefit news
Healthcare equipment firm seals £213m buy-in with PIC
Siemens Healthineers secures a full-scheme buy-in covering more than 1,600 members’ benefits and protecting bespoke retirement options.
DB schemes navigate volatile 2025 to finish with stronger funding position
Defined benefit pension schemes finished 2025 with an aggregate surplus of £259.7bn, according to the latest data from the Pension Protection Fund’s 7800 index.
Engineering firm secures buy-in with PIC worth £155m
Engineering company NG Bailey has secured a £155m buy-in for its defined benefit pension scheme with Pension Insurance Corporation.
LCP forecasts record buy-in volume of £55bn in 2026
Buy-in volumes could reach a record £55bn in 2026, according to a new forecast from LCP, as strong insurer pipelines and competitive pricing continue to support high levels of pension risk transfer activity.
TPT raises ‘serious concerns’ over PPF levy on superfunds
The provider, which announced plans to launch a DB superfund last year, argued that carve-outs for “alternative covenant schemes” could hamper innovation and penalise employers and members.
Bulk annuities roundup: Peel Ports, Skanska complete major derisking deals
Pensions Expert rounds up a number of bulk annuity deals from the past fortnight, ranging from £4m to £525m in size, with around 9,000 members’ benefits secured in total.
Surplus sharing dominating scheme decision-making, study shows
UK pension schemes are at a crossroads as surplus distribution challenges dominate decision-making, according to new research from PwC.
Aviva to support surplus sharing into DC master trust
Aviva’s £15bn defined contribution master trust has launched a service to make it easier for defined benefit trustees to use surplus assets to top up DC benefits.
Trusteeship standards face overhaul as DWP launches consultation
The Department for Work and Pensions has launched a consultation on improving standards of trusteeship, governance and administration across trust-based pension schemes, as consolidation accelerates and trustee responsibilities continue to expand.
Lloyds DB schemes secure further longevity reinsurance deals
Three transactions cover £4.8bn in liabilities across three schemes and come on top of two deals announced in March worth £5.1bn.
Comment & opinion
AMNT: When is your pension like a Mars bar?
SPP: Pre-1997 indexation is a complex issue to be handled with care
Superfunds stepping into the spotlight through Pension Schemes Bill
Why pensions administration is having a ‘Cinderella moment’
SPP: Is tail risk starting to wag the dog?