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Professional Pensions | 28 Nov 2011 | 11:53
Categories: Risk Management
Topics: Longevity, Hymans robertson, James mullins
Rolls-Royce has become the tenth scheme to complete a longevity swap. PP takes a look at the deals so far.
Hymans Robertson senior liability consultant James Mullins said longevity swaps have now covered £12bn of pension scheme liabilities since 30 June 2009.
He added: "2011 looks set to become a record year with £10bn of pension scheme risk transfer deals expected, and deals have now already covered over £8bn of liabilities during 2011.
"More household name organisations expected to complete material risk transfer deals in the coming months."
The deals so far are as follows:
| Organisation | Date | Number of pension schemes | Provider | Approximate value of deal (on buyout basis) |
|---|---|---|---|---|
| Babcock | Q3 2009 | 3 | Credit Suisse | £1.2bn |
| RSA Insurance | Q3 2009 | 2 | Goldman Sachs / Rothesay Life | £1.9bn |
| Berkshire | Q4 2009 | 1 | Swiss Re | £1.0bn |
| BMW | Q1 2010 | 1 | Deutsche Bank / Abbey Life | £3.0bn |
| Pall | Q1 2011 | 1 | JP Morgan | £0.1bn |
| ITV | Q3 2011 | 1 | Credit Suisse | £1.7bn |
| Rolls-Royce | Q4 2011 | 1 | Deutsche Bank / Abbey Life | £3.0bn |
| Total to date | 10 | £11.9bn |
Source: Hymans Robertson
Categories: Risk Management
Topics: Longevity, Hymans robertson, James mullins
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