PGL scheme uses sponsor-owned insurer for £900m longevity swap

Stephanie Baxter
clock

PGL Pension Scheme has completed a £900m longevity swap, using an insurance company owned by its sponsoring employer to access the reinsurance market.

The arrangement involved transferring a portion of the scheme's longevity risk to Phoenix Life, which is owned by the sponsor, Phoenix Group. Phoenix Life then reinsured the longevity risk on a ...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Risk Reduction

Brittany Ferries scheme completes £35m buy-in with Just Group

Brittany Ferries scheme completes £35m buy-in with Just Group

Deal secures benefits of 175 pensioners and 269 deferred members

Jasmine Urquhart
clock 14 January 2026 • 2 min read
Siemens Healthineers UK scheme agrees £213m buy-in with PIC

Siemens Healthineers UK scheme agrees £213m buy-in with PIC

Transaction secures the benefits of 703 pensioners and 967 deferred members and dependants

Holly Roach
clock 13 January 2026 • 1 min read
DB funding remains steady in December, Broadstone finds

DB funding remains steady in December, Broadstone finds

Broadstone index finds both its modelled schemes made steady progress during 2025

Jasmine Urquhart
clock 08 January 2026 • 1 min read
Trustpilot