Aviva scheme secures groundbreaking £5bn longevity swap

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The Aviva Staff Pension Scheme has secured the largest longevity swap written so far, in the first UK deal to dispense with a traditional intermediary.

The deal will pass the longevity risk associated with 19,000 members with £5bn of liabilities to three reinsurers, Munich Re, Scor and Swiss Re. The swap covers approximately a third of the sche...

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