The Reinsurer Swiss Re has provided the first public-private longevity transaction with a U.K.-based public sector pension fund.
Swiss Re is essentially providing longevity insurance to 11,000 of the current pensioners under the Royal County of Berkshire Pension Fund.
Swiss Re will assume the "floating" annuity payments and longevity risk for the 11,000 pensioners in exchange for an ongoing fixed premium.
The Royal County of Berkshire retains control over the plan assets and the plan investment policy.
Source: Swiss Re
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