BT Pension Scheme finalises two longevity swaps of £10bn [Yahoo! Finance]

SWISS RE LTD S/ADR (SSREY)
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Source: Yahoo! Finance
The move is aimed at shielding BTPS from the financial impact of increases in the life expectancy of its members, which currently number more than 260,000 with £36bn in assets under management. The longevity insurance and reinsurance agreements secure £5bn in coverage for BTPS pensioner liabilities through Swiss Re, while also expanding the current £5bn protection with Reinsurance Group of America (RGA). This follows a similar transaction completed in 2023 and utilises the scheme's existing infrastructure including its 'captive' insurer. The transactions will not affect BT's cash contributions to the scheme. The operations were spearheaded by Brightwell, BTPS' primary services provider, with support from WTW and A&O Shearman.
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