Gowling WLG advises Pirelli on pension funds

Gowling WLG’s pensions team, led by director Christopher Stiles, has advised Pirelli on longevity swaps for two of its UK pension funds with Zurich Assurance Ltd.

The team’s initial advice considered whether longevity swaps, where the provider would insure the risk of covered  members living longer than expected, were a feasible option for the funds. Gowling WLG’s team moved on to providing thorough training for the trustees to ensure they were fully aware of what they were doing and investing in, what the hedges were designed to achieve, and the associated risks. Gowling WLG also led the contractual negotiations with Zurich on the trustees’ behalf.