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Pensions and Longevity Risk Transfer

Defined benefit schemes are increasingly looking to insurance as a method of guaranteeing the benefits promised to members and relieving sponsoring employers of on-going funding obligations. The pensions risk transfer market has seen significant growth in recent years, a trend which is expected to continue and accelerate.

We are ideally placed to assist clients in this innovative and dynamic market. We bring together specialists with market-leading experience in insurance, reinsurance, pensions, derivatives, security and collateral structures and financial regulation to advise clients across a range of de-risking and risk transfer transactions including:

  • collateralised insurance and reinsurance;
  • pension buy-ins and buy-outs; and
  • longevity swaps.

 

 

Recent work

Legal & General

Advising Legal & General in connection with a £900m collateralised longevity swap for the pension scheme of a major financial institution, including simultaneously in respect of the reinsurance with a third party reinsurer.

Legal & General

Advising Legal & General in respect of a buy-in of pensions of its own existing retirees and documenting historic bulk annuity policies on new terms.

Investec Bank plc

Advising Investec in respect of retained risks and liability under a bulk annuity contract.

ICI Pension Trustees

Advising ICI Pension Trustees in respect of its innovative phased multi-billion buy-in programme with Legal & General and Prudential, including negotiation of longevity risk transfer "umbrella" documentation.

Guardian Assurance

Advising Guardian Assurance in respect of a longevity swap with RGA Global Reinsurance hedging longevity risk associated with a portfolio of annuities acquired from Phoenix Life.

SCOR Global Life SE

Advising SCOR Global Life SE in respect of a collateralised reinsurance of multiple bulk annuity contracts of Pension Insurance Corporation.

Legal & General

Legal & General on its first streamlined longevity swap for a smaller defined benefit pension scheme covering around £300m of liabilities and the associated back-to-back reinsurance with global reinsurer SCOR.

Legal & General

Advising Legal & General on a £285m bulk annuity transaction with a Fortune 500 multinational firm, with deferred member liabilities being insured on locked-in commercial terms in a follow-on transaction once an ongoing Enhanced Transfer Value (ETV) exercise had been completed.

Nomura Re

Advising Nomura Re in connection with the reinsurance financing/longevity swap relating to part of the individual annuity back-book of Just Retirement.

See all

Related contacts

See all contacts
Barton Andrew

Andrew Barton

 Partner
+44 (0)20 7849 2464 Email Andrew
Faye Jarvis

Faye Jarvis

 Partner
+44 (0)20 7849 2141 Email Faye

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