Pension risk — market update

Last year was a ground-breaking year. The longevity swap market broke previous records with £8.9bn of liabilities being passed to providers. The market has continued to evolve, including:

Largest insured longevity swap in the UK to date: Allen & Overy advised BAE Systems on a deal covering liabilities amounting to £2.7bn, relating to around 31,000 pensioners.

First simultaneous swap with a single insurance provider: Allen & Overy advised on a second deal for BAE Systems, covering liabilities of £1.7bn and around 17,000 members. This covered two further schemes, one of which was sectionalised, resulting in three simultaneous ‘mini-swaps’. This structure enables smaller group schemes to gain access to commercial terms not available to them individually…

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