Yorkshire and Clydesdale bank scheme enters into £1.6bn longevity swap

Banking group scheme pens back-to-back reinsurance deal with Pacific Life Re

Jasmine Urquhart
clock • 3 min read
The Yorkshire and Clydesdale banks were part of CYBG, the group taken over by Virgin Money UK in 2018
Image:

The Yorkshire and Clydesdale banks were part of CYBG, the group taken over by Virgin Money UK in 2018

The Yorkshire and Clydesdale Bank (YCB) Pension Scheme has entered into a £1.6bn longevity hedge with Pacific Life Re via Zurich Assurance.

The arrangement announced today (2 May) will provide long term protection against costs resulting from pensioners or their dependents living longer than currently expected. The policy is structu...

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Jasmine Urquhart
Author spotlight

Jasmine Urquhart

Senior Correspondent at Professional Pensions

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