Risk Reduction
List: The biggest UK longevity swaps
There have now been more than 30 longevity swaps over £1bn publicly announced. The full list, provided by Willis Towers Watson and through PP research, is as follows...
ABI agrees £26m buy-in with Aviva
The Association of British Insurers (ABI) Pension & Assurance Scheme has insured benefits for 191 members in a £26m buy-in with Aviva.
Aviva completes £3m buyout of Shepherd Foods scheme
The defined benefit (DB) scheme of Shepherd Foods (London) has completed a £3m buyout with Aviva, insuring the benefits of 13 pensioner and deferred members.
General Motors secures £53m bulk annuity transaction with Aviva
General Motors has agreed a £53m bulk purchase annuity transaction with Aviva for the Vauxhall Associated Companies Pension Fund (VACPF).
Rothesay agrees £6m buyout with aviation scheme
Rothesay has completed a £6m follow-on buyout with an unnamed aviation scheme, insuring benefits of eight pensioners and 31 deferred members.
PIC confirms £5.6bn of annuities in record risk transfer year
Pension Insurance Corporation (PIC) concluded £5.6bn on bulk annuities in 2020 after recording just over £2.1bn in the second half of the year.
Axa agrees market's first ever deferred longevity swap with Hannover Re
The Axa UK Group Pension Scheme has agreed a £3bn longevity swap with Hannover Re, insuring the longevity risk of a largely non-pensioner population.
Just completes £1.5bn of bulk annuities and sets sights on bigger deals
Just Group completed 23 buy-in and buyout transactions at a total volume of £1.5bn over the course of 2020, according to its annual results.
Civil Aviation Authority and Sydney Packett & Sons agree bulk annuities with L&G and Aviva
The Civil Aviation Authority (CAA) and Sydney Packett & Sons have agreed bulk annuity deals for their pension schemes with Legal & General (L&G) respectively.
Zero-carbon transition can provide better returns than gilts, says Lord Adair Turner
The switch to a zero-carbon economy provides the opportunity for attractive returns for pension funds, even if they are "not shoot the lights out returns", says Lord Adair Turner.
Phoenix concludes £2.5bn of bulk annuities after £730m buy-in with own scheme
Phoenix Group completed £2.5bn of buy-ins and buyouts over the course of 2020, including a bulk annuity deal with one of its own schemes.
CMI finds modest fall in cohort life expectancy after zero-weighting Covid data
The Continuous Mortality Investigation (CMI) has found a lower cohort life expectancy for both men and women in its 2020 table, even after zero-weighting data related to Covid.
Rothesay agrees £120m buy-in with Reach
Rothesay has concluded a £120m buy-in with the West Ferry Printers Pension Scheme, covering all remaining pensioner and deferred liabilities.
MetLife reinsures $5bn of Rothesay liabilities
The Metropolitan Tower Life Insurance Company (MetLife) has reinsured approximately $5bn (£3.6bn) of Rothesay pension liabilities.
Industry Voice: The bulk annuity market for small schemes
Although 2020 was a challenging year, Aon's Dave Barratt says the bulk annuity market was very resilient, with a well-functioning insurance market, large volumes of business written and 2020 finishing up as the second busiest year on record.
Long-term Covid uncertainty makes longevity hedging more valuable
The uncertainty surrounding the potential impact of so-called long Covid and behavioural changes heightens the need for schemes to increase their longevity hedging, says Prudential Financial.
Rothesay secures £7bn of pension benefits
Rothesay wrote £7bn of bulk annuity business over the course of last year, with 12 further schemes now benefitting from the insurer’s policies.
Deutsche Bank agrees £570m buy-in with L&G
Deutsche Bank AG has agreed a £570m pensioner buy-in with Legal & General for the defined benefit (DB) (UK) Pension Scheme.
Insurers set to reach FTSE heights with £1trn of pension risk transferred in ten years
Around £1trn of pension risk could be insured by just over a decade’s time as bulk annuity volumes grow rapidly, also boosting insurers’ rankings in the FTSE 100, according to Hymans Robertson.
Carillion scheme agrees £150m PPF+ buyout with L&G
The Mowlem (1993) Pension Scheme has secured the benefits of around 1,000 members in a buyout with Legal & General (L&G) offering income above compensation levels.
RPI reform certainty drives hedging increase
Pension schemes increased their inflation hedging in the final quarter of 2020 as major issues were concluded in a “momentous geopolitical quarter”.
L&G completes £7bn of bulk annuities in 2020
Legal & General (L&G) agreed over £7bn of buy-ins and buyouts with UK schemes over the course of 2020, it has confirmed.
Aberdeen transport fund completes £230m LGPS buy-in with Rothesay
The Aberdeen City Council Transport Fund has agreed a £230m buy-in with Rothesay in the insurer’s first deal with a Local Government Pension Scheme (LGPS) fund.
L&G agrees £400m deal with own scheme
The Legal & General (L&G) Group UK Senior Pension Scheme has agreed an assured payment policy (APP) deal with its insurer sponsor.
