All longevity articles – Page 3
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News£6bn swap shows insurers’ appetite for longevity risk
On the go: A £6bn longevity swap by an unnamed UK pension scheme and the Prudential Insurance Company of America suggests that insurers’ appetite for longevity risk has not diminished, despite the uncertainty around the long-term impacts of the Covid-19 pandemic.
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News
Experts dismiss national pension fund proposal
Analysis: Experts have largely poured scorn on a highly controversial proposal to create a gigantic national sovereign fund by merging public schemes and then mopping up private plans as well.
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News
Pension schemes’ liabilities overstated up to £60bn
On the go: Defined benefit schemes’ liabilities may be overstated from 1.5 per cent up to 3.5 per cent following the Covid-19 pandemic, according to pensions consultancy XPS.
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NewsHalf of all DB liabilities paid out or insured by 2030
Fully half of all UK defined benefit liabilities will either have been paid out to members or insured by the end of the decade, according to analysis by Mercer, as buy-in and buyout values topped £30bn in 2020.
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News
Risk settlement market breaks new record in 2020
On the go: New figures from Aon showed that 2020 was a record-breaking year for the risk settlement market, with 2021 likely to provide stiff competition.
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News
DB schemes to see £1tn of liabilities insured by 2031
On the go: Defined benefit schemes are expected to see £1tn of risk insured by buy-ins, buyouts and longevity swaps by the end of 2031, according to new analysis.
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NewsNormal minimum pension age set to increase to 57 in 2028
HM Treasury outlined plans on Thursday confirming the government’s intention to raise the normal minimum pension age from 55 to 57 in April 2028, while devising a “protection regime” that ensures some scheme members retain their current rights.
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News
Trustees should monitor sponsor longevity when assessing covenant
On the go: Sponsor longevity is a vital part of covenant assessment, requiring professional judgement and a range of strategic tools, according to a new report by the Employer Covenant Practitioners’ Association.
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News
BBC Pension Scheme agrees £3bn longevity swap
On the go: The BBC Pension Scheme has completed a longevity swap with Zurich and Canada Life Reinsurance covering more than £3bn of pensioner liabilities.
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News
Barclays Bank agrees £5bn longevity swap
On the go: The Barclays Bank UK Retirement Fund has completed a £5bn longevity swap with Reinsurance Group of America.
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News
2020 risk settlement market could hit £50bn
On the go: Despite the turmoil caused by coronavirus and the government’s lockdown policy, 2020 could still be a record-setting year for the risk settlement market, with final volumes reaching or even exceeding £50bn, according to estimates from Aon.
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News
Bulk annuity volumes hit £12.6bn in H1 2020
On the go: Total buy-in and buyout volumes reached £12.6bn in the first half of this year, the second-highest value on record, according to analysis published by LCP.
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OpinionApplying the lessons of coronavirus to climate change
Kempen’s Nikesh Patel explains how current pension schemes’ longevity assumptions do not take into account climate change, which could have a drastic impact on the sector.
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News
UBS pension scheme enters into £1.4bn longevity hedge
On the go: The UBS (UK) Pension and Life Assurance Scheme has entered into a £1.4bn longevity hedge with Zurich Assurance, designed to protect the scheme against the risk of the 2,700 members covered living longer than expected.
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News
2020 set to be a record-breaking year for longevity swaps
On the go: Demand for longevity swaps is expected to set new records in 2020, reflecting in part a slight slowdown in the bulk annuity market, according to a report by Willis Towers Watson.
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PodcastsPodcast: The days of ‘amateurish’ trusteeship are over
Podcast: The challenges posed by Covid-19 will accelerate the move toward professional trusteeship, according to Mercer’s chief actuary Charles Cowling, who argues that the responsibilities in this area post-coronavirus will be too much for lay trustees to handle alone. He and Catherine McFadyen, head of public sector actuarial, benefits and governance at Hymans Robertson, discuss LGPS funding, the impact of mortality rates, and give their predictions about the post-crisis world.
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Features
Mounting Covid-19 death toll a bitter reprieve for pension schemes
Analysis: As the country anxiously tracks the accumulating death toll from Covid-19, pension trustees will eventually be forced to do a more perverse calculation: how much will the mounting fatalities reduce their funding deficits?
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News
Longevity swap investors warned over collateral calls
A spike in the UK mortality rate due to Covid-19 could raise concerns for defined benefit pension schemes that have implemented longevity hedging, as it could trigger collateral calls on their longevity swaps.
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News
Mortality rates see highest reduction since 2011
On the go: Mortality rates in England and Wales were on average 3.8 per cent lower in 2019 than in 2018, which is the largest annual fall in mortality rates since 2011, new data showed.
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News
Life expectancy in England stalling since 2010
On the go: Life expectancy in England is stalling for the first time in at least 120 years, a new report has concluded.