UBS completes £1.4bn longevity swap with Zurich and Canada Life

James Phillips
clock • 3 min read

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.

The deal was structured as a passthrough insurance contract, with Zurich acting as the initial insurer before Canada Life reinsured 100% of the longevity risk. While the deal covered 2,700 pensi...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

More on Risk Reduction

Low & Bonar Group scheme completes £50m buy-in with Just Group

Low & Bonar Group scheme completes £50m buy-in with Just Group

Buy-in which secures benefits of around 1,700 remaining uninsured members

Jasmine Urquhart
clock 14 February 2025 • 1 min read
Utmost Life and Pensions inks £18m buy-in

Utmost Life and Pensions inks £18m buy-in

Deal is second transaction for fledgling bulk purchase annuity insurer

Jonathan Stapleton
clock 14 February 2025 • 1 min read
Finning Pension Scheme completes £250m buy-in with Standard Life

Finning Pension Scheme completes £250m buy-in with Standard Life

Full scheme bulk purchase annuity insures the benefits of around 2,170 members

Jonathan Stapleton
clock 12 February 2025 • 2 min read
Trustpilot