L&G Flow surpasses £1bn milestone, driving innovation in smaller scheme de-risking

Flow transactions this year have ranged in size from £2 million to over £80 million, demonstrating the breadth of pension schemes Flow can support. Since its introduction in 2023, L&G has secured Flow transactions with 62 pension schemes, providing these schemes with efficient access to the de-risking market and securing the benefits of over 10,000 members. 

Flow is designed specifically for smaller pension schemes, which helps widen access to de-risking solutions across the defined benefit ('DB') pensions landscape, supporting stable retirement outcomes. The solution combines market-leading member care, price certainty, and seamless integration with L&G’s asset management capabilities. Of the 23 Flow transactions completed this year, 17 involved clients of L&G’s Asset Management business who additionally benefit from the ability to novate their unit funds as premium payment – removing market risk, reducing asset restructuring costs, and improving transaction efficiency. 

Flow underscores L&G’s commitment to trustee support and first-class member care. Each transaction is managed by a dedicated post-sale client service team who focus on reducing complexity to ensure a smooth and efficient journey from buy-in to buyout. This includes tailored onboarding, efficient data cleansing, and payroll matching aligned with existing administration processes. 

This milestone reflects L&G’s position as a market leader in pension risk transfer (PRT), consistently delivering innovative solutions that meet the evolving needs of DB pension schemes. As announced at its recent Investor Deep Dive, L&G has completed over £11 billion of PRT transactions globally this year, including more than £10 billion in the UK. Notable transactions, in addition to those secured under the Flow solution, have included a £4.6 billion buyout with Ford – the UK’s largest PRT transaction of 2025 – and a c.£1.6 billion buy-in with the BP Pension Fund.