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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.

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See all contacts

Andrew Barton

 Partner
+44 (0)20 7849 2464 Email Andrew

Faye Jarvis

 Partner
+44 (0)20 7849 2141 Email Faye

Quick reads

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In depth

Tightening the screws - the Pensions White Paper

Faye Jarvis 23 Mar 2018
The DWP Pensions White Paper tightens the rules for defined benefit pensions with stricter funding rules, punitive fines and criminal sanctions but also offers a new solution in...
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IBM v Dalgleish - the end of reasonable expectations

Faye Jarvis 08 Aug 2017
The Court of Appeal has overturned the decision in IBM v Dalgleish, rejecting the notion that the employer’s duty of trust and confidence required that the “reasonable...
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The BHS settlement and the pensions Green Paper

Faye Jarvis 09 Mar 2017
The Pensions Regulator has met its critics by securing a £363m settlement with Sir Philip Green.
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