M&G’s return to the bulk annuity sector accelerated in 2025 with new business volumes of £1.5bn, according to its annual results statement.
The insurer completed 11 bulk annuity transactions during the year, with the total volume marking a 65% increase year-on-year.
It also highlighted its new with-profits bulk annuity offering, with its first transaction completed in the first quarter of this year.
Andrea Rossi, group chief executive officer, said the with-profits proposition would contribute to the company’s strong new business momentum.
Industrials firm secures buy-in with Canada Life
Canada Life has completed a £105m full-scheme buy-in with a scheme sponsored by an unnamed industrials firm.
The transaction secures the benefits of more than 350 deferred members and 1,450 pensioners.
Sam Jenkins, partner at LCP, said the deal had used his firm’s “streamlined buy-in process”. He added: “We worked closely with the trustees and advisers to prepare robustly before approaching insurers, leveraging our pre-negotiated contracts to secure an excellent outcome for the scheme and its members.”
As well as LCP, which was the lead transaction adviser, law firms Gowling WLG and Gunnercooke provided legal advice to the trustee board.
Isio launches micro-scheme service with £1.2m deal
A Cornwall-based tourism and agricultural business has insured its defined benefit pension scheme with Just Group for £1.2m.
The deal secures the pensions of eight deferred members of the Pension and Life Assurance Plan of the Godolphin Company, sponsored by St Aubyn Estates.
Isio advised on the transaction, which used the consultant’s new PenUltimate Micro framework for schemes with fewer than 100 members. This helped the scheme prepare for buy-in by undertaking data cleansing and GMP equalisation.
Burges Salmon provided legal advice, while Lindis Consulting advised the sponsor.
Christian Costi, risk transfer specialist at Isio, said: “Securing long-term security for members was at the heart of this process and, through focused preparation and early market engagement, we were able to help the trustees move from a legacy policy arrangement to a completed buy-in within a relatively short timeframe.”
Felix St-Aubyn, St Aubyn Estates’ chief executive officer and a trustee of the pension scheme, said: “Our small scheme had been facing increasing regulatory pressures and rising costs, with limited options to move forward. Isio brought clarity, professionalism, and a clear plan of action.
“Within seven months, we had successfully changed pension scheme administrators and completed a buy-in, significantly improving both service and security for our members.”
