A Pfizer Group-sponsored defined benefit (DB) pension scheme has completed a £190m buy-in with Aviva, following a slow start to the year in bulk annuity business for the insurer.
The BBC Pension Scheme has completed a £3bn longevity swap deal with Zurich and Canada Life Reinsurance, covering the risk of pensioner and dependent members.
The ICI Pension Fund has completed its ninth buy-in with Legal & General (L&G), insuring a further £70m of benefits and bringing total insured benefits with L&G to around £5.8bn.
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.
Three Lloyds Banking Group pension schemes have transferred £10bn of longevity risk to Pacific Life Re in the second-largest longevity swap ever.
Additional margin rules will apply to schemes using OTC derivatives from September this year. Paul Cluley looks at how funds will be affected and what they need to do next.