Barclays Retirement Fund completes £5bn longevity swap with Reinsurance Group of America
The Barclays Bank UK Retirement Fund has completed a £5bn longevity swap with Reinsurance Group of America (RGA).
The scheme said the longevity swap helps protect it from the financial risk of an unexpected increase to life expectancy for current pensioners.
It said this was another important step in the trustee s journey to reduce risks in the scheme, and makes the fund more secure for the benefit of all members - adding that members would see no changes to their benefits, which will continue to be paid directly by the scheme.