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      So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap,' ‘pension freedoms' or consultations around ‘value for money', says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).

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      In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.

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  • Risk Reduction

UBS completes £1.4bn longevity swap with Zurich and Canada Life

Rajagopalan: Still attractive pricing to hedge longevity risk
Rajagopalan: Still attractive pricing to hedge longevity risk
  • James Phillips
  • James Phillips
  • @PPJamesPhillips
  • 07 July 2020
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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 deal was structured as a passthrough insurance contract, with Zurich acting as the initial insurer before Canada Life reinsured 100% of the longevity risk. While the deal covered 2,700 pensioner...

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CMI finds modest fall in cohort life expectancy after zero-weighting Covid data

The Continuous Mortality Investigation (CMI) has found a lower cohort life expectancy for both men and women in its 2020 table, even after zero-weighting data related to Covid.

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The newspaper publisher agreed to fully fund the scheme to complete the deal. Image: Steve Buissinne from Pixabay
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