{"id":5186,"date":"2026-02-13T20:41:19","date_gmt":"2026-02-13T20:41:19","guid":{"rendered":"https:\/\/www.europesays.com\/ch\/5186\/"},"modified":"2026-02-13T20:41:19","modified_gmt":"2026-02-13T20:41:19","slug":"bbc-pension-scheme-finalises-6bn-longevity-swap-with-zurich-metlife","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ch\/5186\/","title":{"rendered":"BBC Pension Scheme finalises \u00a36bn longevity swap with Zurich & MetLife"},"content":{"rendered":"

The BBC Pension Scheme has completed a longevity swap transaction, covering approximately \u00a36 billion of pensioner liabilities for around 21,000 members, with global insurer Zurich reinsurer MetLife.<\/p>\n

\"\"The deal is designed to provide the BBC Scheme \u2013 and the BBC as its sponsor \u2013 with further protection against the financial risk of members living longer than currently expected.<\/p>\n

Combined, the Scheme\u2019s longevity transactions hedge the risk associated with nearly all of the Scheme\u2019s pensioner and dependant liabilities.<\/p>\n

Under the terms of the transaction, the Trustee retains future flexibility, control and security, while minimising cost, governance and operational burden through Zurich\u2019s solution.<\/p>\n

This is the second longevity swap that the Scheme has executed with Zurich, following a \u00a33 billion transaction in 2020.<\/a><\/p>\n

Catherine Claydon, Chair of the Scheme Trustee Board, stated: \u201cThe Trustee is pleased to have further mitigated the Scheme\u2019s exposure to longevity risk, through a second transaction on highly attractive terms for the Scheme. Many thanks to our advisers, Zurich and MetLife for achieving this important milestone.\u201d<\/p>\n

Greg Wenzerul, Zurich\u2019s Head of Longevity Risk Transfer, said: \u201cWe\u2019re privileged to have partnered with the Scheme Trustee and their advisers on this important phase of their de-risking strategy.<\/p>\n

\u201cSupporting our clients through each step of their journey-planning in this manner reflects our commitment to putting customers first, an ethos Zurich applies across its broad customer base. Zurich UK\u2019s status as a UK-regulated life insurer provides the Trustee with the highest bar of governance assurance, reinforcing confidence in long-term best practice.\u201d<\/p>\n

Angela Li, MetLife\u2019s Head of UK Reinsurance, commented: \u201cMetLife is proud to support the BBC Pension Scheme in this important step of its de-risking journey. Our financial strength, expertise, and commitment to innovation enables us to deliver certainty and flexibility for pension schemes managing longevity risk.<\/p>\n

\u201cThis transaction underscores our dedication to the UK market and our ability to partner on complex, large-scale longevity swaps, providing tailored solutions that meet the evolving needs of pension schemes and the broader retirement market.\u201d<\/p>\n

Aon acted as sole transaction adviser, including negotiating the intermediation terms with Zurich and broking the reinsurance with MetLife.<\/p>\n

Legal advice was provided to the Trustee by A&O Shearman, to Zurich by Slaughter and May and to MetLife by Eversheds Sutherland and Debevoise & Plimpton.<\/p>\n

Tom Scott, Risk Settlement Partner at Aon, said: \u201cThis transaction is further evidence of the vibrant longevity insurance and reinsurance markets which continue to offer attractively priced and structured solutions in various forms to UK pension schemes, in this case in the form of a \u2018longevity swap\u2019 which means the Scheme retains investment control and flexibility.\u201d<\/p>\n

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