Risk Reduction

Transaction with Zurich and MetLife is second step in scheme’s phased longevity hedging programme

Risk reduction transaction secures the benefits of 510 scheme members

Transaction means benefits of all scheme members are now insured

Transaction secures the benefits of all remaining uninsured scheme members

BPA transaction secures the benefits of nearly 10,000 scheme members

Transactions fully secure the benefits for 650 members of the two schemes

BPA transaction secures the benefits of 15 pensions and 15 deferred members

Report finds 45% of schemes estimated to be fully funded on buyout basis

Scheme was connected via the Heywood integrated service provider

Deal secures the benefits of approximately 980 members across the two schemes