Browsing: Longevity and Mortality Risk Transfer

Two pension schemes sponsored by CF Fertilisers UK Limited, the UK subsidiary of a global manufacturer of hydrogen and nitrogen products for clean energy, have completed bulk purchase annuity buy-in transactions with M&G.

For those in the longevity and mortality modelling game, 2025 has provided plenty of activity to keep the actuaries busy. Greg Winterton spoke to James Hadley, Senior Consultant at Barnett Waddingham, to learn more about what is front and centre of the conversation in his world as the year draws to a close.

Deal is the second step in the BBC Pension Scheme’s phased longevity hedging programme.

Finalised in September 2025, the transaction provides long-term security for the benefits of nearly 10,000 members and secures all remaining uninsured defined benefits in the plan.

The aggregate surplus of the 4,969 schemes in the Pension Protection Fund’s 7800 Index increased by £16.2bn through October 2025, rising to £271.3bn in surplus, and the funding ratio rose by 0.7 percentage points to 129.8% and the number of schemes in surplus rose to 3,844, representing more than three-quarters (77.4%) of all schemes in the universe.

A year after the UK Pensions Regulator’s code of practice on funding for defined benefit (DB) pension schemes was launched, the UK’s pension risk transfer market remains buoyant, suggesting the guidance has had little material effect on deals.

The buy-in, completed in June 2025, insures the benefits of all 30 members – 15 deferred and 15 pensioners.

The transactions, completed in July 2025, secure the benefits of approximately 980 members across the two schemes.

The deal secures the future benefits of 300 pension scheme members – 160 deferred members and 140 pensioners.

The Premdor Crosby Pension Plan has completed a £16m bulk purchase annuity buy-in with Royal London. This buy-in, which covers 181 members, is the first that Royal London has completed with BESTrustees as Chair of Trustees.