The Bentley pension scheme has agreed a deal with Deutsche Bank's Abbey Life to hedge the longevity risk associated with £400m of its liabilities.
The longevity swap covers all the scheme's pensioner members but is considerably smaller than any similar transactions completed to date. The sole actuarial adviser on the deal was Aon Hewitt, which...
The Littlewoods Pensions Scheme has completed a buy-in covering just under £930m of around 6,500 members’ benefits with Rothesay Life, the majority of which relate to deferred members.
There have now been a total of over 50 buy-in and buyout deals of over £500m announced since 2007. The full list is as follows...
Longevity swap usage is expected to grow further as more reinsurers enter the market to hedge the risk of deferred members, according to Mercer.
The Countrywide Farmers Retirement Benefits has secured a £100m buy-in with Legal & General, insuring members’ benefits above Pension Protection Fund (PPF) compensation levels.
The LV= Employee Pension Scheme has agreed a buy-in of around £800m with Phoenix Life after converting an existing longevity swap.