Pension Insurance Corporation (PIC) has so far racked up £5.8bn of buyouts and buy-ins with defined benefit schemes this year, while reinsuring £7bn of longevity risk, it has revealed.
In its half-year update - published today (24 June) - the specialist insurer said it had completed £3.3bn of new business with unnamed pension schemes, alongside £2.5bn of announced buy-in deals since...
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