Pension Scheme Converts Longevity Swap To £750M Buy-In

Law360, London (November 13, 2019, 5:37 PM GMT) -- The Pension Insurance Corp. has converted an existing longevity swap for the Scottish Hydro-Electric Pension Scheme into a £750 million ($963 million) buy-in, joining a trend among companies seeking to offload pension liabilities.

The pension plan made the move to reduce risk and volatility, shifting £800 million of longevity insurance with Legal & General to a more secure buy-in arrangement with PIC, lawyers involved in the transaction said on Wednesday. 

The £50 million difference is because of the size of the liability being smaller, owing to some pensions having run off.

Longevity swaps and buy-ins are two strategies that pension funds...

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