U.S. Pension Risk Transfer Annual Report

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Abstract
March 2026

U.S. Pension Risk Transfer Annual Report

Market Insights, Trends, and Future Expectations

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The U.S. Pension Risk Transfer (PRT) market finished 2025 on a strong note, with a record high amount of premium transferred in the fourth quarter.  Buy-in activity rose substantially in 2025, with $17.5 billion in premium placed1. Insurer engagement continues to evolve and expand. PRT litigation is trending in a positive direction for plan sponsors, at least in the early stages, with a notable and public position taken by the Department of Labor urging cases to be dismissed. 

What does this report provide insights on?

  1. 2025 Market Highlights
  2. Buy-Ins on the Rise
  3. PRT Litigation Update
  4. Insurer Review
  5. Pricing Experience
  6. 2026 PRT Hot Topics

If you are considering de-risking your plan—whether through a retiree lift-out, buy-in, or full plan termination—now is an opportune time to transact. Connect with Aon’s U.S. Pension Risk Transfer team to explore how current market conditions, an evolving legal environment, and expanding insurer solutions can be aligned with your objectives.

1 Source: Aon’s U.S. PRT Insurer Sales Survey as of December 31, 2025.

  • $48.7

    billion in U.S. PRT premium was transacted across 697 deals in 2025

  • $17.5

    billion in U.S. buy-in premium was placed in 2025

  • 22

    insurers are now actively bidding in the U.S. PRT market

Ready to Explore Further?

Download the U.S. Pension Risk Transfer Annual Report

 Aon’s 2026 U.S. Pension Risk Transfer Annual Report with 2025 insights: $48.7B in PRT deals, record buy-ins, insurer capacity and fiduciary trends.

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