For pension fund trustees and their investment consultants only. Not to be distributed to pension scheme members. Capital at risk.
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The bulk purchase annuity (BPA) market experienced a nearly 20% increase in the number of transactions completed in the first six months of 2025 - yet total premium volumes during the same period dropped to their lowest levels since 2021, amounting to just £9.7bn.
And, while one or two larger scheme transactions can transform the value of premium volumes in any one time period, their absence also reshapes market dynamics. Insurers traditionally focused on these larger deals are now quoting for schemes for which there otherwise might have been little appetite. Meanwhile, the arrival of new entrants has intensified competition in an already competitive market, as more players vie for less.
This webinar will explore why the market has been quieter in the first half and delve into the drivers behind the current dynamics in the BPA market. We‘ll examine how insurers are adapting to these changing market dynamics – including input from a risk transfer broker and reinsurer - by:
- implementing new technology and solutions to increase operational efficiency;
- enhancing customer offerings and member experience, as trustees increasingly prioritise non-price factors amid stronger funding levels; and
- the levers and capital strategies available to insurers as they look to continue growing long-term balance sheets and maintain ‘profitability’ amidst increasingly competitive pricing.
In addition to this, the webinar will touch on the potential impact of regulatory reforms on the broader risk transfer market. This includes the implications of the Prudential Regulation Authority (PRA) implemented, and proposed, changes to the Solvency UK framework, as well as the outlook for superfunds following the passing of the Pension Schemes Bill.
Join us as we unpack these critical developments, provide insights into the evolving landscape of the pensions risk transfer market and answer questions you may have on the dynamics at play to assist you on your scheme’s endgame journey.
Presenters
Jonathan Stapleton
Editor, Professional Pensions
Jonathan is editor of Professional Pensions and has been reporting on UK occupational pensions since 2001. He has won a number of awards during his career, most recently the SPP Trade Journalist of the Year Award in 2019. He is also holder of the PMI's Retirement Provision Certificate.
Mark Van Den Berghen
Mark is a Principal & Senior Consulting Actuary at Gallagher and leads Gallagher’s Risk Transfer Team. He has over 26 years experience, advising trustees as a Scheme Actuary and advising sponsors of DB schemes. Understanding the detail of endgame solutions as well as advising on ‘both sides of the fence’ ensures that he appreciates all points of view and tailors his advice accordingly.
Mark is an expert in DB scheme strategy and is known for his deep understanding of the relationship between DB scheme funding and investment. He and his team have completed over 50 buy-ins, covering over 45,000 lives. His knowledge of insurers, how their capital management flows through to pricing and real detail on the transition stage to buy-out means he adds value to every project he is involved with, working in the best interests of his clients.
Wei Hou
Wei Hou heads up the Gallagher Re UK & Ireland Life and Health team, advising and placing a range of structured solutions such as funded reinsurance, longevity swaps, mass lapse and financial reinsurance solutions and traditional solutions. Prior to joining Gallagher Re, Wei was responsible for constructing the investment portfolios and reposition of assets for Funded Re and M&A transactions at RGA.
Wei was also part of the core team in PwC advising insurance clients on the matching adjustment, internal credit rating and internal model having previously worked at WTW as a fiduciary manager for pension funds. Wei is a Fellow of the Institute of Actuaries (FIA), Chair of the IFoA Funded Re working party and Fellow of Institute of Actuaries in France.
Tom Addison
As a key member of Gallagher’s Risk Transfer Team, Tom is responsible for monitoring the risk transfer landscape. He has a strong understanding of insurance and in-depth knowledge of the BPA market and its dynamics. Tom’s analytical expertise and ability to delve deeper into market trends enable him to interpret complex market developments, translate them into actionable insights and support clients in making informed decisions within an ever-evolving landscape.