£60bn of bulk annuity transactions and £20bn of longevity swaps excepted this year
Banking group scheme pens back-to-back reinsurance deal with Pacific Life Re
This year set to be one of the biggest on record for bulk annuities and longevity swaps
The transaction is a ‘key milestone’ towards the trustees’ plan to secure all benefits
Club Vita’s deal with Longitude Exchange will help build market for longevity risk
Deal covers pensioner liabilities in the Lloyds Bank Pension Scheme No.1
Pension Insurance Corporation (PIC) concluded £5.6bn on bulk annuities in 2020 after recording just over £2.1bn in the second half of the year.
The Axa UK Group Pension Scheme has agreed a £3bn longevity swap with Hannover Re, insuring the longevity risk of a largely non-pensioner population.
Between £30bn and £40bn of pension risk is expected to be transferred to insurers via buy-ins and buyouts this year, Aon says.