Browsing: Longevity and Mortality Risk Transfer
Longevity and Mortality Investor’s coverage of the longevity and mortality risk transfer market, including pension risk transfer, longevity swaps and other de-risking activities
TPT Retirement Solutions’ plan to launch a run-on superfund has been welcomed by industry figures for offering a potentially lucrative alternative for defined benefit pension schemes other than a buy-in/buy-out pension risk transfer solution.
The Ridsdale Pension and Death Benefit Trust has completed a £7m full scheme bulk purchase annuity buy-in with Just Group, securing the benefits of 30 members – 22 pensioners and 8 deferred members.
The Lincolnshire Co-operative Pension Scheme has completed a £107m bulk purchase annuity buy-in with Rothesay. The transaction secures the benefits for approximately 2,300 members.
The Blake Lapthorn Pension Fund has secured a £5.7m full scheme bulk purchase annuity buy-out with Aviva. The transaction secures the benefits of all 52 members, comprising 30 deferred members and 22 pensioner members, and covers all of the fund’s liabilities.
Third quarter 2025 US pension risk transfer sales fell 32% year over year, but single-premium buy-in sales jumped 328% in the third quarter to $4.3bn, according to LIMRA’s U.S. Group Annuity Risk Transfer Sales Survey.
The Comet Pension Scheme has completed a £330m full-scheme bulk purchase annuity buy-in transaction with Canada Life. The deal secures the future benefits of 4,500 pension scheme members.
The US pension risk transfer market delivered just $11.5bn in total premium in the first half of 2025, but two transactions above $1bn in the third quarter mean that Q3 alone could end up adding $9bn to that number, according to Legal & General Retirement America.
The new longevity insurance and reinsurance arrangements cover pensioner liabilities in the Lloyds Bank Pension Scheme No.1 (£3.1bn), Lloyds Bank Pension Scheme No.2 (£0.7bn) and HBOS Final Salary Pension Scheme (£1bn).
Reasons abound as to why the inclusion of illiquid assets in the portfolios of defined benefit pension schemes can be a hindrance to the process of completing a bulk purchase annuity buy-in or buy-out in the UK but insurer appetite to capitalise on the booming pension risk transfer market means that any resistance is not as pronounced as it was previously.
The trustees of the Steamship Insurance Management Services Limited Pension and Assurance Scheme completed a c.£55m bulk purchase annuity transaction with Royal London. This transaction is Royal London’s third with Barnett Waddingham as risk transfer broker and covers more than 350 members.