2020 has been an exceptional year and throughout the uncertainty driven by the onset of Covid-19, the bulk annuity market has operated effectively, with total buy-in and buy-out volumes for this year set to become the second highest on record. The market has continued to offer schemes, across a range of sizes, with attractive opportunities to de-risk. This analysis of the bulk annuity market looks at the impact of 2020 and what it means for the years ahead.