The U.K.'S fledgling pen-sions buyout market has enjoyed impressive growth over the past two years, as companies move to transfer the risk of their defined benefit obligations to insurance firms, either by buying annuities or by selling control of the schemes. Last year companies transferred ￡8.2 billion ($11.6 billion) of pension assets, nearly three times more than in 2007, according to London-based benefits group Aon Consulting. rnThe economic and financial downturn has put a sudden brake on the business, however, at least in the short term. Transactions have slowed dramatically this year because of fears that the recession will make companies more likely to default on their debt.
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