Three Lloyds Banking Group pension schemes have transferred £10bn of longevity risk to Pacific Life Re in the second-largest longevity swap ever.
The deal, which was facilitated by Scottish Widows this month, covers the risk of members in the Lloyds Bank Pension Scheme No 1, Lloyds Bank Pension Scheme No 2, and HBOS Final Salary Pension Scheme....
Prudential Retirement reinsured $1.7bn (£1.4bn) of UK pension scheme longevity risk in the first half of the year, it has revealed.
The money used to insure pension liabilities can help met the government’s agenda to ‘build, build, build’, says Johnny Chow
The UBS (UK) Pension and Life Assurance Scheme has hedged the longevity risk of around half its defined benefit (DB) liabilities through a £1.4bn longevity swap completed with Zurich and Canada Life Reinsurance.
The Brandsby Agricultural Trading Association (BATA) has agreed a £13m buyout with Legal & General (L&G), securing benefits for all 120 members of the BATA Superannuation Pension Scheme.
The IPC Media Pension Scheme has agreed a £290m buy-in with Rothesay Life, insuring benefits for around 500 pensioner members.