Consulting firm Mercer has persuaded seven insurance companies to participate in its new UK online bulk annuity market designed to broker pension scheme buyouts and buy-ins.

Prudential, Legal & General, Aviva, Pension Insurance Corporation, Partnership, Just Retirement and Rothesay Life have all signed up, according to Alan Baker, head of Mercer's defined benefit risk team. He added Mercer was negotiating with other bulk annuity providers.