Pension Insurance Corporation (PIC) has reinsured £1.2bn of its longevity risk with French company SCOR, the second deal between the two insurance companies.
PIC said the deal covers the longevity risks for around 8,000 retirees and their spouses across six defined benefit pension schemes. PIC's longevity reinsurance business volumes currently exceed £4bn...
More needs to be done to speed up DB to DC transfers but, as Jonathan Stapleton says, more also needs to be done to protect members.
The Pensions Ombudsman (TPO) took on 2,566 early resolution cases in 2018/19 after onboarding a team from The Pensions Advisory Service (TPAS), according to its annual report and accounts.
The lifeboat fund is in a good position despite reserves taking a £0.6bn hit. But the ramifications of the EU judgment on member compensation is an area of concern for CEO Oliver Morley, writes Stephanie Baxter