Ask the Actuary Issue 4 - Pension Risk Transfer in the UK, US & Canada

2023 was a record (or near record)-breaking year in the Pension Risk Transfer (PRT) market on both sides of the Atlantic.

• In the UK, 2023 was a year of records and firsts – with a record estimated £50bn of transactions completed during the year and the first ever UK pension superfund deal completed.
• In the US, 2023 witnessed the third largest ever “jumbo” deal and a near-record year of total transactions completed.
• In Canada, 2023 saw the total market value volume exceed $7bn for the third year in a row, far exceeding pre-2021 levels which had previously been rising unspectacularly to around half the current levels.

In my latest Ask The Actuary article, as well as looking back on the pension risk transfer market in 2023, I also outline what to look out for in 2024, including already-announced jumbo deals in the US and Canada, and rumours of up to six new entrants in the UK.