Banking group scheme pens back-to-back reinsurance deal with Pacific Life Re
Deal is the latest phase of the scheme’s de-risking journey
Here it is, our monthly digest of the most important pension articles Professional Pensions has written and published over the last month, along with some contextual notes.
Pacific Life Re has reinsured around £190m of pensioner and deferred liabilities held by a UK bulk annuity provider.
This week’s top stories included the launch of Scottish Widows’ ESG exclusions policy, while Deloitte acquired the admin and actuarial business of Kerr Henderson.
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 trustees of the £3bn Merchant Navy Officers Pension Fund (MNOPF) have secured £1.6bn of members’ pension benefits through a buy-in transaction with Pension Insurance Corporation (PIC).
Three Lloyds Banking Group pension schemes have transferred £10bn of longevity risk to Pacific Life Re in the second-largest longevity swap ever.
Pirelli has completed a longevity swap transaction with Zurich for £600m of liabilities across its two main defined benefit (DB) pension schemes.
Murray Blake has been appointed a consultant by LCP to work in its pension de-risking section, taking the practice to over 30 partners and consultants.