Mr Finch said: "To date insurer capacity and pricing levels have kept pace with increasing demand but, at the current rate of growth, demand looks set to outstrip capacity over the medium term putting upward pressure on pricing and squeezing less attractive schemes out of the market.
"What is clear is that 2019 is set to be another bumper year for companies and trustees getting on top of their pension plan risks and liabilities. 2018 saw a record £24.2bn of pension liabilities transferred to insurers through buy-ins and buyouts – nearly double the previous record of £13.2bn in 2014 – and we expect that 2019 could top £25bn for the first time."
Martin Bamford, chartered financial planner at Informed Choice, said: "Employers are increasingly keen to get their pension liabilities off the books. Securing liabilities through a transfer of risk to an insurer is likely to be a popular move during the next decade."
But he cautioned: "Where this happens, employers will need to carefully communicate the process with their current and former scheme members."