As the BPA (Bulk Purchase Annuity) market continues to evolve, a notable shift is taking place. With fewer large-scale transactions dominating the space, small and mid-sized pension schemes are stepping into the spotlight. Recent market activity suggests that these schemes are becoming increasingly active in the transfer market, a trend that’s expected to continue as more insurers seek diversified deal flow.
However, this shift also brings new challenges. Smaller schemes often face constraints around resources and administrative capacity, particularly when it comes to data quality. High-quality member data, including accurate records on status, identity, and entitlements, is essential for efficient pricing and successful transactions. Without it, smaller schemes risk delays, inaccurate valuations, or being overlooked altogether.
In a market where activity is growing at the smaller end, data can no longer be an afterthought. Smaller schemes that invest in data cleansing and validation will not only be more attractive to insurers but also better equipped to secure favourable outcomes for members.
As the focus continues to broaden beyond the largest pension schemes, data quality will be a key differentiator in a competitive and fast-moving BPA landscape.
Source: XPS Group- Bulk Annuity Market, July 2025
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