IGG completed over £8.5bn bulk annuity transactions in 2023

With just under £50 billion worth of transactions estimated to have taken place across the market last year, we were the leading trustee firm for bulk annuities with a market share of 17%.

The £8.5 billion was delivered via 23 transactions, representing roughly one completion every two weeks. Activity increased significantly in the final quarter of 2023, which accounted for 40% of all transactions we were involved in last year.

We apply a bespoke approach to work with schemes of all sizes and complexities, with transactions ranging in size from Intersil Limited Superannuation Fund of £1.5 million to the largest being the Co-operative Pension Scheme at £4 billion.

2023 saw the team work with the full suite of the market’s insurers as well as a wide range of advisers (consultants and legal advisers) to secure the long-term pension benefits of almost 100,000 members, including 49,000 pensioners.

IGG is comprised of professionals who pool knowledge and expertise in key areas of pensions. Risk Transfer is one of these groups, led by Akash Rooprai; other teams focus on the alternative options that are open to DB pension schemes seeking to run on.

Akash Rooprai, Trustee Director and Head of Risk Transfer, said:

“With UK annuity policies still representing a key part of many schemes’ investment strategy, we are pleased to have partnered with scheme sponsors, co-trustees and insurers to provide long-term security for members’ benefits.

“A bulk annuity (buy-in) purchase is not the only option available to schemes, but it can be the right one in the right circumstances. We look forward to continuing to work with schemes of all shapes and sizes to reach their optimal end-game solution in whatever form it takes.

“In a market trading at record levels, which is expected to continue, ensuring schemes are ready to implement their bulk annuity solution and have the appropriate funding and governance structure in place is imperative to attracting the attention of the risk providers.”

Risk transfer performance data.

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