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Lloyds Banking Group secures £5.1 billion in pension longevity transactions

Lloyds Banking Group Pensions Trustees Limited has secured its third and fourth longevity hedging transactions, covering £5.1 billion in liabilities across two pension schemes. The agreements, structured as insurance policies with Rothesay as the insurer and reinsurance from Pacific Life Re and PFI, ensure that pension benefits remain unaffected for members. This move further mitigates longevity risk and enhances the security of the pension schemes.
ReinsuranceNe.ws
British Pound Sterling Lloyds Banking Group plc GBR Matt Wiberg Vicky Paramour
Finance & Economy, Press Release
14:05 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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