Pension risk transfer volumes this year will look similar to those in 2020 as market volatility creates opportunities for schemes able to act fast, according to Willis Towers Watson.
There have now been a total of 32 longevity swaps over £1bn publicly announced. The full list, provided by Willis Towers Watson and through PP research, is as follows...
The Barclays Bank UK Retirement Fund has completed a £5bn longevity swap with Reinsurance Group of America (RGA).
The Prudential Staff Pension Scheme has entered into a £3.7bn longevity swap with Pacific Life Re, insuring the longevity risk of over 20,000 pensioners.
Fewer pension schemes are targeting self-sufficiency as their long-term objective while bulk annuity pricing improves and the consolidation market opens up.
Longevity swap usage is expected to grow further as more reinsurers enter the market to hedge the risk of deferred members, according to Mercer.
The LV= Employee Pension Scheme has agreed a buy-in of around £800m with Phoenix Life after converting an existing longevity swap.
Nikhil Patel looks at how schemes have hedged longevity over the last decade, and how this will develop in the future.
Three Lloyds Banking Group pension schemes have transferred £10bn of longevity risk to Pacific Life Re in the second-largest longevity swap ever.
Longevity swap transactions will hit a record-breaking level of £25bn this year, Willis Towers Watson has predicted.
Pensions are too complicated a topic for political parties to discuss in any detail on the general election campaign trail, a majority of this week’s 110 Pensions Buzz respondents said.
There are a wide range of possible life expectancy disruptors. PwC's Paul Kitson looks at how one of these, wearables, could impact schemes.
Around £17.5bn of buy-ins and buyouts were transacted in the first half of the year as market records continue to tumble.
The HSBC Bank (UK) Pension Scheme has hedged its longevity risk with Prudential Insurance Company of America (PICA) in the second-largest ever deal of its type.
Tendencies to prefer the status quo and familiar names can result in slower or more irrational decisions, Aon says. James Phillips explores the impediments to risk settlement.
Robert Wagstaff and Caroline Cruickshank assess the benefits of using third-parties to help manage longevity swap valuation and collateralisation
Longevity hedges have long been considered a hurdle to doing a bulk annuity, but a ground-breaking deal shows it doesn't have to be. Stephanie Baxter looks at why converting swaps into buy-ins is taking off.
Mortality improvements have declined for yet another year, ducking previous estimates. James Phillips explores what this means for pension schemes
Phoenix Life has announced it completed a buy-in for its UK defined benefit (DB) scheme last December, making it the largest de-risking transaction of the year.
Aon Hewitt is reiterating its call for pension schemes to review the emerging lower rates of UK mortality improvement to ensure fair pricing of longevity insurance transactions.
The total value of annuity deals was 30% higher in 2016 than at the previous market peak in 2014, Aon Hewitt's UK Risk Settlement Bulletin has revealed.
This week's top stories included British Steel trustees rejecting an "unviable plan" to rescue the scheme, and Baroness Ros Altmann calling on the government to amend section 75 debt regulations.
Zurich has completed a £300m longevity hedge swap with an undisclosed pension scheme of a small firm, marking its fifth such deal in 13 months.
Schemes should consider delaying longevity swap transactions as lower rates of mortality improvement have led to a dislocation in pricing says Aon Hewitt.