Date: October 2025
Author: Dean Wetton Advisory

A More Inclusive Approach for Pension Schemes

The UK bulk annuity market recorded over £47.6 billion in transactions in 2024, reflecting growing momentum among Defined Benefit (DB) schemes seeking de-risking opportunities. Yet behind the headline figures lies a persistent imbalance: smaller schemes, particularly those under £100 million, often struggle to access insurers on fair terms.

At Dean Wetton Advisory (DWA), we believe it is time to rebalance the playing field. That is why we have launched a new Bulk Annuity and Buy-In service designed to the unique needs of smaller schemes – putting transparency, control and competition back in trustees’ hands.

As Dean Wetton, our Founder, noted in a recent launch statement: “Smaller schemes are just as deserving of competitive, well-governed risk transfer outcomes as the big players. Our hybrid model makes that not only possible – but practical.“

Addressing the Barriers

Today, many smaller schemes are pressured to offer exclusivity just to receive indicative pricing. Insurer capacity constraints and broker prioritisation of larger deals mean some schemes are locked out of the market before they even begin.

This leads to a two-tier market defined not by readiness or quality, but by scale.

Additionally, trustees also face rigid timelines, with limited ability to negotiate or influence the process. In these circumstances, trustees risk making decisions based on incomplete information, often under time pressure and with constrained visibility of alternatives.

DWA’s Hybrid Selection Model

Flexible, Fair & Focused

DWA’s hybrid selection model challenges the all-or-nothing nature of traditional approaches. It enables schemes to engage with multiple insurers non-exclusively at the outset, allowing genuine comparison before narrowing to a preferred provider.

This opens a path for sub-£100 million schemes to:

  • Engage the market on their own terms
  • Leverage strengths like funding level or member maturity
  • Foster insurer competition early
  • Retain flexibility without being overwhelmed by admin

Due Diligence that Goes Deeper

DWA places equal weight on pricing and policy detail.

Our comprehensive due diligence process carefully evaluates residual risks, implementation challenges, the insurer’s assumptions and capital strength, as well as any hidden costs – such as administrative transitions or data cleansing – that could affect overall value.

We empower trustees to justify their choices confidently – not just on value for money but on long-term member security.

Redefining Risk Transfer Success

At DWA, we believe risk transfer success is not defined by transaction size or speed – but by the strength, fairness and long-term security of the outcome. We embed governance, due diligence and client advocacy at every stage, giving trustees with the confidence to navigate increasingly complex markets with clarity and control.

Because securing your scheme’s future should never depend on your scheme’s size.

Trustee Considerations in 2025/26

✅ Readiness

  Ensure clean data, clear benefit structures, and aligned governance


✅ Timing

  Proactively plan to avoid peak insurer congestion


✅ Partner Choice

  Work with independent, insurer-agnostic advisers


✅ Member Communications

  Prioritise clarity and transparency in communications

Want to explore what a fair and fit-for-purpose risk transfer looks like for your scheme?

Get in touch with our team today to book a confidential consultation on +44 20 3422 5000 or enquiry@deanwettonadvisory.com