The value of the UK pension buy-in, buy-out and longevity swap market topped £10bn for a calendar year for the first time in 2011, according to figures from LCP.
Last year's total deal volume was £11bn, with the number of deals peaking in the fourth quarter, the firm said.
Over the course of the year, pension buy-in and buy-out deals exceeded £4bn and longevity swaps - including deals for the ITV, Rolls Royce, British Airways and Pilkington pension schemes - totalled £7bn.
"The dynamics in the fourth quarter were particularly interesting," said Clive Wellsteed, LCP's head of buy-out. "Three high-value longevity swaps, two high-value PPF rescue cases and a stream of pensioner buy-ins. In effect, three completely different types of transaction.
"Looking forward, LCP expects pensioner buy-ins to underpin the market's growth in 2012, particularly for schemes already invested in gilts," he added. "Current pricing means that pensioner transactions can often be closed with no impact on the funding deficit or agreed cash contributions.
"In an environment of low yields a pensioner buy-in is a concrete de-risking step, for companies and trustees, that doesn't have a large price tag attached. This simple fact should help ensure that business volumes exceed £10 billion in 2012."