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BBC scheme strikes £3bn longevity swap, Aon plan in £510m buy-in

By Susanna Rust2020-12-15T17:12:00+00:00
The BBC Pension Scheme has completed a longevity swap that covers more than £3bn (€3.3bn) of pensioner liabilities, while the Aon Retirement Plan has completed a £510m pensioner buy-in, according to a pair of risk transfer announcements today.
Zurich Life was the insurer in the BBC transaction, with reinsurance provided by Canada Life Reinsurance. The longevity insurance policy, the first the BBC scheme has entered into, relates to around one-third of the scheme’s pensioner and dependent liabilities.
It is the seventh longevity swap to have been announced this year, according to IPE, and comes after the announcement of a £5bn deal for Barclays Bank yesterday. The largest longevity swap of 2020 for a UK pension fund remains Lloyds Banking Group’s £10bn deal from January. ....

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BBC presses play on $4 billion longevity swap

BBC presses play on $4 billion longevity swap
Bloomberg
BBC Pension Scheme, London, completed a £3 billion ($4 billion) longevity swap with Zurich and Canada Life Reinsurance.
The deal provides the pension fund and sponsoring employer British Broadcasting Corp. with more certainty over future funding costs, and improves the security of all members benefits, a notice posted on the pension fund s website said.
The fund had £17.3 billion in assets as of June 30. The deal covers about a third of retiree liabilities, the notice said.
The trustee is pleased to have been able to take this important step in our risk management strategy and significantly reduce one of the key risks that all pension schemes face, namely the uncertainty in relation to how long members will live, and pensions will have to be paid for, Catherine Claydon, chairwoman of the trustee board, said in a Zurich news release. ....

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BBC enters £3bn longevity swap with Zurich and Canada Life

So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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