Press releases
Legal & General enters longevity insurance market for smaller schemes and completes c.£300m longevity insurance contract
The transaction marks Legal & General’s entry into the longevity insurance market for these relatively smaller schemes. To date, competition for longevity insurance contracts has been limited for smaller schemes, with the majority typically transacted in conjunction with much larger schemes.
22 Aug 2018
Legal & General Assurance Society Limited ('Legal & General') today announced that it has completed its first streamlined longevity insurance contract with an unnamed mid-tier pension scheme, covering around £300m of liabilities.
The transaction marks Legal & General’s entry into the longevity insurance market for these relatively smaller schemes. To date, competition for longevity insurance contracts has been limited for smaller schemes, with the majority typically transacted in conjunction with much larger schemes.
Chris DeMarco, Managing Director UK Pension Risk Transfer:"...This transaction demonstrates that longevity insurance is a realistic option for most pension schemes, including for trustees whose schemes are not quite at the point they can enter into buy-in or buyout but want to manage their longevity risk."