US - Goldman Sachs Group has launched the first tradable index for longevity and mortality risks, called QxX.LS.
Goldman Sachs said historically holders of longevity and mortality risks, such as pension funds, had no mechanism to dynamically manage their exposures in the capital markets.
Alex Dubitsky, head of Goldman Sachs' Longevity Markets Group, said: "We are excited about bringing this unique product to the market and believe that it will quickly establish itself as the market benchmark. This will result in more transparent pricing of longevity risk, should reduce transaction friction, and will likely lead to improved economics for market participants,"
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.