AstraZeneca secures £2.5bn longevity swap
Tuesday, December 17, 2013
The AstraZeneca Pension Fund Trustee has secured a £2.5bn longevity swap with Deutsche Bank.
The deal covers the longevity risk of around 10,000 of the fund's current pensioners and £2.5bn of liabilities.
Aon Hewitt was the lead advisor to the trustees of the pension scheme.
Matt Wilmington, Aon Hewitt partner, said: "It was clear during the negotiations for this transaction that the capacity and appetite of the global reinsurance market to take on pension fund longevity risk is ever increasing."
Last week it was announced that Carillion completed a £1bn longevity swap with Deutsche Bank.
First published 17.12.2013
monique_simpson@wilmington.co.uk
