Transaction secures the benefits of more than 7,000 retirees as part of ‘umbrella’ agreement
Deal protects scheme from cost of unexpected increases in life expectancy of members
Transactions means over three-quarters of the UKRF’s pensioner longevity risk is now hedged
The buy-in is the second between PIC and the plan, covering its remaining liabilities
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.
Here they are. The finalist lists for the UK Pensions Awards 2020.
Three Lloyds Banking Group pension schemes have transferred £10bn of longevity risk to Pacific Life Re in the second-largest longevity swap ever.