Pensions lawyers say superfunds should be an alternative to buyouts or the PPF
But only half are currently reporting on climate risks using TCFD model
Insurers are being pressed to offer bulk annuities to a wider range of scheme sizes
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.
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.
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.
The Willis Pension Scheme has entered into a longevity swap transaction with Munich Re to manage longevity risk in relation to around £1bn of pensioner liabilities.
Covid-19 has caused a slowdown in the number of bulk annuity transactions, with buy-ins and buyouts expected to amount to a maximum of £25bn this year, Willis Towers Watson says.
The bulk annuity market is set to grow to historically high levels in 2019 with £30bn worth of deals expected over the year, according to Willis Towers Watson (WTW).
Jonathan Stapleton asks how the combination of improved scheme funding and better insurer pricing could drive a resurgence in the take-up of full insurance buyouts.