Today’s announcement by telent of a £4.7bn full buy-out with Rothesay Life follows the recent announcements of a £3.4bn deferred and pensioner buy-in by British American Tobacco and a £930m full buy-in by Tate & Lyle. This takes buy-in and buy-out volumes for the year to date to a new record.

Charlie Finch, Partner at LCP , commented: “2019 is proving to be a runaway year with volumes of buy-ins and buy-outs to date already exceeding the £24.2bn completed over 2018. We expect this momentum to continue with further transactions to follow over the next few months.”