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lloyds banking group secures longevity swaps for pension funds worth 5.1 billion

Lloyds Banking Group pension scheme trustees have secured two new longevity swaps to cover £5.1bn of liabilities, partnering with Rothesay Life, Pacific Life Re, and Prudential Financial. The arrangements, which protect £2.1bn and £3bn of pensioner liabilities, follow previous significant longevity swaps in 2020 and 2022, enhancing the schemes' security against longevity risk. The transactions were facilitated by WTW and A&O, with a focus on a transparent selection process for the insurance providers.
IPE
British Pound Sterling Rothesay Life plc Lloyds Banking Group plc Prudential Financial, Inc. GBR Ben Howe Vicky Paramour Howie Timothy Show more
Business & Industry, Market Report
13:00 31.03.2025

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.
pensionsage.com
British Pound Sterling Lloyds Banking Group plc Eversheds Sutherland Ltd. Rothesay Life plc Prudential Financial, Inc. GBR Matt Wiberg Ben Howe Vicky Paramour Howie Timothy Show more
Finance & Economy, Press Release
10:19 31.03.2025
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