Transaction will protect the fund against rising costs and provide greater security
The transaction is a ‘key milestone’ towards the trustees’ plan to secure all benefits
Swaps can work for schemes of any size, say Suthan Rajagopalan and Greg Wenzerul
The Prudential Insurance Company of America (PICA) has concluded a £6bn longevity reinsurance deal, with Zurich Assurance acting as an intermediary on a pass-through basis.
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.
This week’s top stories included UBS’ completion of a £1.4bn longevity swap with Zurich and Canada Life, while chancellor Rishi Sunak announced the government’s Kickstart Scheme as part of provisions outlined in the Summer Statement.
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.
This week’s top stories included the Financial Conduct Authority saying there is a “significant risk of harm” in the long-term savings market caused by pension freedoms, and Standard Life and Zurich publishing their latest independent governance committee...
Standard Life and Zurich have published their latest independent governance committee (IGC) reports – posting overall green and amber value-for-money assessments respectively.
Zurich has agreed to insure £800m of longevity risk for the pensioners of a FTSE 100-sponsored pension scheme.