2014 was the biggest year to date for pension scheme de-risking, with around £35bn of liabilities hedged and, once again, the records for the largest ever transactions were broken.

The past year has also been notable for innovation, with schemes finding new methods of accessing the longevity reinsurance market more directly and new deal structures being utilised in the bulk annuity space to achieve competitive pricing. The 2014 Budget had a dramatic impact on the size of the individual annuity market and has increased demand from providers in the bulk annuity market to fill the gap left in their books.