The Monarch Airlines scheme will enter the Pension Protection Fund (PPF) after a restructuring which will see the lifeboat fund take a 10% stake in the scheme's exiting sponsor.
The remaining 90% will be bought by investment firm Greybull in a deal the company said would save approximately 2,500 jobs. The scheme, which has a deficit of approximately £660m on a buyout basis...
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.
The Premaberg Holdings Limited Retirement Benefits Plan has agreed a £5m buy-in transaction with Just Group.
Amy Kessler, Professor Andrew Cairns, Professor David Blake and Marsha Kessler look at how schemes can make longevity assumptions post-Covid