Pensions buyout deals, where insurers acquire closed company retirement funds for a premium, are set to quadruple in the next decade, with more than a third of the UK pensions market moved onto insurers’ books by 2030, according to a consultancy.

The prediction, from investment consultancy Mercer — which advises pension funds — comes after a bumper year for such deals in 2019, as improved scheme funding has coupled with a surge in competition between insurers to make the deals cheaper for companies to execute.