Delivering at scale during another busy year

2025 was another busy year for the defined benefit (DB) de-risking market, with transaction volumes expected to be around £40bn. What stood out this year was the unprecedented volume of smaller deals—we are expecting a record circa 350 transactions to have completed—with Just at the heart of this activity.

Across the market, schemes of all sizes are continuing to leverage advantageous conditions to move towards buy-in and buy-out. This is particularly true in the sub £50m space. This part of the market has never been better served, with strong competition among insurers and an increasingly vibrant pipeline. That’s good news for schemes and members alike. and we’ve been proud to support more of these transactions than ever before.

Some of the transactions we've worked on can be read about here.

Beacon: Delivering value through simplicity

Just continued to deliver consistent volumes throughout the year - see today’s trading statement for more details on our £3.1 bn in volume from a record 130 transactions. We’ve also seen more schemes than ever benefiting from price monitoring on Beacon and today we have more than 400 schemes actively monitored through the platform.

Beacon’s appeal lies in its simplicity, speed and transparency. For trustees and advisers it offers a clear and user-friendly route to pricing and, in many cases, it also helps schemes to realise they are in a position to transact far sooner than expected.

This was seen most notably at the end of 2025 when two schemes that had previously ruled out their preferred option of a buy-in due to perceived funding gaps and resource constraints, found that using Beacon, they were able to quickly and cost effectively access real pricing and proceed with confidence.

Expanding what’s possible

Operationally, it’s been a year of progress for Just too. Despite high activity levels, we’ve stayed focused on service, delivery and innovation, keeping our pipeline across pre-execution, buy-in and buy-out moving smoothly. This includes completing true-ups for 90 schemes, significantly more than in any previous year, and onboarding a record 77 schemes.

This reflects a combination of the growth in the number of transactions Just has completed over the last three years, and the efforts we have made to ensure our operational processes can manage this increased workflow. We’ve also made important progress in areas where we see growing interest and need:

TPA Panel: We’ve launched a dedicated panel of third-party administrators to ensure schemes and members continue to receive high-quality service. Get more information here and read more on the thinking behind it from our Director of Member and Operational Services, Laura Pertile, here.
Insurer-led data cleanse: We’ve begun selectively exploring new models where Just can take a more direct role in data cleanse and GMP equalisation, helping schemes reduce uncertainty and reach buy-out faster. Our first transaction to explore this completed late last year. Read about it here.
Support and flexibility for members: We’ve refreshed our retirement packs to make it easier to access regulated financial advice. We’ve also further embedded non-standard retirement options, such as pension increase exchange and bridging pension options, so that members don’t lose out on being able to take these options at retirement if they’re currently offered by the scheme.
Channel Islands expansion: We supported four successful transactions in 2025 (including one in Guernsey) and expect further growth in 2026.

Looking ahead

With a strong pipeline and further product innovation planned, 2026 is shaping up to be another record year, including the implementation of new solutions to accelerate the data cleanse process.

Whether through Beacon, new proposition features, or deeper partnerships, Just remains focused on delivering great outcomes for schemes of all sizes, while continuing to lead the way in a dynamic and growing market. We can’t wait.