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Barclays inks $6 6 billion longevity swap deal for U K pension fund

Barclays inks $6.6 billion longevity swap deal for U.K. pension fund Bloomberg Barclays Bank U.K. Retirement Fund, Redhill, England, insured £5 billion ($6.6 billion) in liabilities through a longevity swap with Reinsurance Group of America, a Barclays spokesman said. In its first longevity swap, the fund protected its participants benefits from the impact of an unexpected increase in the life expectancy of current retirees. In addition to the material reduction of deficit revealed at the 2019 actuarial valuation, the longevity swap is another significant step in our derisking journey for the UKRF, improving benefit security for all members, Peter Goshawk, chairman of the fund s trustees, said in a news release.

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