Deal covers pensioner liabilities in the Lloyds Bank Pension Scheme No.1
The ICL Group Pension Plan has entered into a £3.7bn intermediated longevity swap via a Guernsey-based captive, with Swiss Re reinsuring the risk.
Three Lloyds Banking Group pension schemes have transferred £10bn of longevity risk to Pacific Life Re in the second-largest longevity swap ever.
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.
Legal & General (L&G) has entered the small scheme longevity insurance market after completing a £300m longevity swap with a pension fund.