A major milestone of the last 12 months has been the industry-wide adoption of the BASS.  Developed by A4S in collaboration with adviser and insurer charter signatories, the BASS replaces  multiple adviser-specific sustainability questionnaires with a single, standardized survey aligned to 

the charter principles. This has reduced the average number of sustainability surveys completed by  insurers each year from around ten to one, significantly improving efficiency and comparability. 

Insights from the 2025 BASS responses – which were based on FY 2023/24 data and covered nine  insurers representing 97% of the UK bulk annuity market by share of transaction value – show an  industry largely aligned on a 2050 net zero commitment. All respondents have set net zero targets or ambitions, with all except one having set 2025 or 2030 targets/ambitions. 75% of the market  have published transition plans. Integration of nature and biodiversity considerations into decision making processes are emerging, while just-transition policies remain a current gap. The 2025 BASS  responses show a sector committed to meeting the charter’s ambitions to strengthen how  sustainability is integrated into both pre- and post-bulk annuity transactions. More details on the  trends across the sector, including areas for improvement can be found in the Bulk Annuity  Progress Report 2025. 

The charter is also influencing real-world transactions. To date, bulk annuity transactions  representing at least £6.3 billion in assets have used the charter and BASS to help inform the  insurer selection process. 

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Commenting, Kerry King, Executive Director, Capital Markets at Accounting for Sustainability (A4S), and co-founder of the charter said: 

“Two years on, the charter has shifted decisively from aspiration to action. With 100% of the UK  bulk annuity market now committed, combined with a single sustainability survey, the market is  demonstrating how collaboration can raise standards while improving efficiency. With billions of  bulk annuity transactions anticipated over the coming decade, embedding sustainability across this market will be critical to long-term financial resilience.” 

Tim Miller, Senior Manager of Pensions Policy at Railpen and co-founder of the charter, added: “The progress reflected in this year’s report shows what can be achieved when pension schemes,  advisers and insurers work together. The BASS has made sustainability considerations more  consistent and decision useful, supporting trustees to assess insurer approaches with greater  confidence and clarity.” 

Dr Stephen Barrie, Deputy Chief Responsible Investment Officer at the Church of England  Pensions Board and co-founder of the charter added: 

“The charter’s cross-industry network has created a strong platform for continuous improvement,  helping the bulk annuity market to deepen its contribution to a more resilient, sustainable financial  system for the long term. We look forward to building on this progress through the same spirit of  collaboration that defined the initiative from the start.”  

More details are available in the 2025 progress report:

www.accountingforsustainability.org 

About Accounting for Sustainability (A4S) 

Founded in 2004 by His Majesty King Charles III, when he was The Prince of Wales, Accounting for  Sustainability (A4S) works with finance leaders worldwide to integrate sustainability into decision  making and drive a resilient, sustainable economy.  

Through its bulk annuity work and Asset Owners Network, A4S supports pension scheme chairs,  trustees, insurers and advisers to strengthen how sustainability-related risks and opportunities are  considered across the pension life cycle. 

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