Almost one in five members transferred out of their defined benefit (DB) scheme to use their freedoms after receiving advice according to Willis Towers Watson.
The Kingfisher Pension Scheme has undergone a £230m medically underwritten buy-in with Legal & General (L&G) in a landmark deal for the bulk annuity market.
The bulk annuity market had a record final quarter in 2015 as buy-in and buyout deals totalled £5.4bn, according to LCP.
As the Chancellor presents his Budget today, PP looks at what could come up for pensions.
Prudential has seen a 46% fall in individual annuity sales during 2015 following the introduction of the April pension freedoms.
Bulk annuity business in 2016 will outstrip last year's levels despite a slow start due to the introduction of Solvency II, according to Willis Towers Watson.
Freedom and choice is producing unexpected results across DB and DC schemes
Low & Bonar has completed a medically underwritten buy-in of £34m of liabilities within its defined benefit (DB) pension scheme.
Short-term bulk annuity pricing has become less predictable due to volatile market conditions and insurers adjusting to Solvency II, according to Aon Hewitt.
The Pensions Institute has predicted there will be rapid growth in medically underwritten bulk annuities as schemes turn to ‘top-sliced' deals and traditional insurers get into the market.