Britain's pension risk transfer market, where companies pay insurers to shoulder some of the investment risk associated with their retirement schemes, will set a new growth record in 2011, consultants Hymans Robertson said on Monday.

Risk transfer deals involving more than 9 billion pounds of pension liabilities look set to be agreed over the year as a whole, making it the market's busiest on record, Hymans Robertson said.

The total includes a 1.1 billion pound deal last month between defunct asbestos maker Turner & Newall and insurer Legal & General , the biggest of its kind.

Volatile financial markets have put corporate pension funds seeking to generate secure retirement income for their members under increasing pressure to pass on investment risk.

Insurers and banks have taken on the risk associated with about 30 billion pounds of pension scheme liabilities since 2006, Hymans Robertson said.

That figure is set to grow to 50 billion pounds before the end of 2012, reflecting a strong pipeline of new business, said James Mullins, a partner and head of buy-out solutions at Hyman Robertson.

2012 will be as buoyant as 2011 for the pensions risk transfer market as pension schemes continue to engage in buy-ins and longevity swaps, Mullins said.

Providers will continue to ramp up their efforts to meet this demand.

The pension risk transfer market is dominated in the UK by insurers L&G, Prudential
and Aviva , alongside specialists Pension Insurance Corporation, Lucida, and Rothesay Life, part of Goldman Sachs .

Japanese investment bank Nomura and British insurer Friends Life, owned by Resolution , look set to enter the market next year, Hymans Robertson said.

(Reporting by Myles Neligan; Editing by David Cowell)