Pension Insurance Corporation has hedged £300m of longevity risk by reinsuring it with Munich Re.
This comes after PIC reinsured £500m of longevity risk with various global reinsurers in January 2011 (PP Online 20 January 2011). The latest transaction means PIC has reinsured around 65% of its longevity...
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.