PIC converts Scottish Hydro-Electric Pension Scheme longevity swap into £750m buy-in

Holly Roach
clock • 2 min read

Pension Insurance Corporation (PIC) has agreed a £750m bulk annuity transaction, converting a pensioner longevity swap held by the Scottish Hydro Electric Pension Scheme (SHEPS) into a buy-in.

The risk reduction deal with the pension scheme - which is sponsored by Scottish and Southern Energy (SSE) - will involve PIC restructuring the existing longevity swap and underpinning the buy-in f...

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