September 2026
02Sep

UK. Legal & General stock gains on £1.7 billion pension buy-in and fresh share admission

Legal & General Group (ISIN GB0005603997) stock is drawing attention on September 1, 2026 as the insurer secures a £1.7 billion pension buy-in and continues to expand its capital-light franchise, supported by £1.2 trillion in assets under management as at year end 2025. Pension buy-in and member experience focus According to a press release published on September 1, 2026, Legal & General has secured a £1.7 billion buy-in for a UK pension scheme, with the transaction designed to prioritize member experience...

September 2, 2026
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July 2026
30Jul

U.S. pension risk transfer costs decrease slightly in June: report

U.S. pension plan sponsors’ derisking costs decreased from 99.7 per cent to 99.6 per cent of accounting liabilities in June, according to a new report by Milliman Inc. It found the average annuity purchase cost across all insurers increased from 102.5 per cent to 102.6 per cent during the month. As of June 30, the competitive bidding process was estimated to save plan sponsors about three per cent on pension risk transfer buyout costs. “Competitive buyout costs remained below 100 per...

July 30, 2026
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24Jul

US. DOL Brief Sides With Bristol-Myers in PRT Appeal

The U.S. Department of Labor has expanded its campaign to defend employers’ utilization of pension risk transfer transactions by filing an amicus brief in a Bristol-Myers Squibb appeal, joining a coalition of business groups, insurers and state attorneys general urging the U.S. 2nd Circuit Court of Appeals to reverse a district court decision that allowed retirees’ ERISA claims to proceed against a Bristol-Myers Squibb pension risk transfer. The filings collectively argue that the plaintiffs—company pension fund beneficiaries—lack Article III standing...

July 24, 2026
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February 2026
26Feb

UK. FCA’s pension transfer plans are anti-competitive and anti-consumer

A healthy, efficient pension transfer market is an essential ingredient to helping people make the most out of their retirement savings. As we all start up auto-enrolment pensions every time we join a new employer, for most people consolidating their discarded pensions under one roof makes the most sense. It reduces administration, tracking, and decision-making, especially as clients approach retirement. Deciding when and how to take an income from a pension pot is tricky enough, but having multiple pension pots...

February 26, 2026
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12Feb

Report: UK pensions could sell up to £8bn on secondaries market in the next year

UK defined benefit pension schemes are increasingly looking to sell on the secondaries market with new research showing they could sell up to £8 billion ($11 billion; €9.2 billion) of illiquid assets. UK DB pensions could sell between £4 billion-£8 billion of illiquid assets over the next 12 months, according to the Illiquid Assets Report 2025 published by according to a joint report from pension-focused secondaries trading platform MeltX and UK pensions research and events company Mallowstreet. The report surveyed 42 advisers...

February 12, 2026
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12Feb

WTW Sees Nearly $100B UK Pension Risk Transfer Market in 2026

The U.K. pension risk transfer market—driven by plan asset surpluses—is expected to continue its growth trajectory this year, according to WTW’s annual “De-Risking Report.” The firm forecast the U.K. PRT market to reach more than 70 billion pounds ($95 billion) this year, an approximate 15% increase from last year. WTW expects the bulk annuity market to exceed 50 billion pounds, while longevity swaps—which transfer the longevity risk of plans, based on their members, to insurers—are expected to exceed 20 billion pounds in activity. “The risk transfer market is entering 2026 with strong momentum,” said Gemma Millington, WTW’s senior...

February 12, 2026
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10Feb

UK. Pension risk transfer market set to reach £70bn in 2026

The value of deals completed in the UK’s pension risk transfer market is expected to reach £70bn in 2026, according to WTW’s annual De-risking Report. Total risk transferred to insurers and reinsurers was forecast to hit £70bn, an increase of 15 per cent year-on-year. Last year, the UK’s total risk transfer market crossed the line of £500bn worth of transactions since the market was founded, WTW said, and the firm’s report indicated that growth was set to continue. WTW said the bulk annuity...

February 10, 2026
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January 2026
13Jan

US. Verizon’s PRT Case Dismissed in New York

A federal judge in New York dismissed a complaint accusing Verizon and its advisers of violating the Employee Retirement Income Security Act through a $5.7 billion pension risk transfer. In a January 8 opinion in Dempsey et al. v. Verizon Communications Inc. et al., U.S. District Judge Alvin Hellerstein ruled that retirees lacked Article III standing to challenge Verizon’s decision to terminate two defined benefit pension plans by purchasing group annuities from Prudential Insurance Co. of America and RGA Reinsurance Co. Hellerstein, a senior U.S....

January 13, 2026
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November 2025
19Nov

Milliman analysis: Competitive pension risk transfer cost declines to 100.1% during October

Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI). During October, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process decreased from 100.5% to 100.1% of a plan’s accounting liabilities (accumulated benefit obligation, or ABO). That means the estimated retiree PRT cost is now 100.1% of a plan’s ABO. During the same time period, the average annuity purchase cost across all insurers...

November 19, 2025
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07Nov

US. Federal Guarantees Should Continue After Pension Risk Transfers

Nationally recognized ERISA attorneys Kevin O'Brien and Spencer Walters of Ivins, Phillips & Barker (IPB) have released a new white paper, "The Forgotten Promise: Why PBGC Retirement Benefit Guarantees Should Continue After Pension Risk Transfer Transactions."  Their paper challenges the Pension Benefit Guaranty Corporation's decades-old position that retirees lose federal protection once pensions are converted to annuities – a stance the authors argue contradicts the statute, legislative history, and the PBGC's own original interpretation. The paper traces how, in 1981, the PBGC took the...

November 7, 2025
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