Longevity swap trade association aims to 'square the circle' between pension funds and investors

The Life and Longevity Markets Association (LLMA) has been set up to expand the nascent longevity swap sector and is intended to "square the circle" of meeting the needs of pension funds and investors, according to a director at the organisation.

So far there have been only four publicly announced longevity swap deals – two insurance (Canada Life and Aviva) and two pension schemes (Babcock International and Royal Berkshire) – but market sources indicate a high degree of interest from UK pension