Top firms lead bulk annuity market

The bulk annuity market has seen more activity than ever, with record-breaking numbers of deals completed in 2025. While insurers lead the transactions, a wider network of advisers, legal firms, and professional trustees also drive the activity behind the scenes. Pensions Expert has analyzed over 300 bulk annuity announcements from the past three and a half years to identify the firms most active in facilitating these insurance transactions.

More than 350 bulk annuity transactions were completed in 2025. Deals under £100m accounted for over 85% of the volume in the first half of the year, according to LCP. Just Group and Aviva led the way in insuring these smaller schemes, though activity was spread across all ten insurers operating in the defined benefit (DB) pensions market.

Pensions Expert’s data set includes 317 bulk annuity announcements since the start of 2023. The sample covers sub-£10m micro deals to large transactions involving RSA Group, Boots, Ford, and Rolls-Royce. The total value of deals in the sample exceeds £110bn, insuring more than 814,000 DB members, though the actual total is likely higher as member counts are not always disclosed.

From an advisory perspective, LCP, Mercer, and Aon dominate the market based on this sample. Since 2023, LCP has been involved in at least 56 of the 293 announcements mentioning a third-party consultant, representing 19% of the total. Aon has been involved in 43 deals worth a combined £38.3bn, while Mercer has been involved in 45 deals worth £25.6bn. Other notable mentions include Isio, which appeared in 32 deals, and K3 Advisory, mentioned 23 times after being acquired by Isio last year.

Gallagher has been less active in our sample, appearing in just eight deals. However, the firm has been acquisitive in the past few years. It bought Buck Consultants in 2023, Redington in 2024, and most recently First Actuarial in 2025.

Why trustees should broaden their search

Press releases often show that a lead broker on a bulk annuity deal is an incumbent adviser. This might be the trustee board’s investment consultant, actuarial adviser, or administrator. Yona Chesner of Cartwright argues that while continuity can feel like the safer option during a complex transaction, schemes could benefit from testing the wider market.

“Buy-in and buyout transactions are among the most significant financial decisions trustees will make,” Chesner says. “What we often see in the market is that schemes undertake detailed analysis when selecting insurers, but the same level of scrutiny is not always applied to the advisers supporting the transaction.”

Trustees can request information from potential providers without conducting a full tender process, Chesner adds. This allows for a helpful perspective without slowing the process down and helps achieve the best possible outcomes.

The legal firms behind the deals

Less often highlighted in announcements are the law firms involved. Trustees, insurers, and employers often have different legal advisers to oversee their various responsibilities. Lawyers ensure scheme rules are complied with and benefits are not changed when the paying entity changes.

CMS has led the pack in terms of bulk annuity deal involvement over the past three years. Of 262 deal announcements mentioning at least one law firm, CMS featured in 53 of them, or 20%. In total, it was involved in transactions worth a combined £27.1bn. Close behind in terms of deal numbers are Eversheds Sutherland with 45 and Gowling WLG with 32. A further 12 firms are mentioned at least 10 times in the dataset, with 40 different companies mentioned in total.

The growing role of professional trustees

The professional trustee sector is growing in reach and influence, as demonstrated through several studies and the Department for Work and Pensions’ ongoing review of trusteeship and governance. Ben Salmons, client director at Vidett, says his firm’s size has contributed to its high level of activity in the bulk annuity market.

According to LCP’s Sole Mates professional trustee survey, published in September, Vidett has more than 350 appointments, the third most in the industry. Salmons says there has been a conscious decision to publicise the role of trustees in bulk annuity processes.

“The trustees play a big part in the decision as to which insurer to go with, what process to go down, and the ability to secure these transactions for members,” he explains. “Previously, I don’t think trustees necessarily added their voice to these press releases. The announcements came from the insurers or advisers, who do a large part of the work. We’ve consciously tried to share that trustee [and] member angle.”