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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