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Lloyds pension trustees secure £5.1bn in longevity swaps for member protection
Lloyds Banking Group Pensions Trustees Limited has secured two longevity swaps totaling £5.1bn to cover pensioner liabilities in its schemes. The transactions, involving Rothesay Life Plc and reinsurance from Pacific Life Re and Prudential Financial, aim to mitigate risks associated with increasing life expectancy without altering member benefits. Trustee director Vicky Paramour emphasized the importance of these deals in enhancing the security of the pension schemes.
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