Novation issues to give L&G head start in longevity swap markets

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The problems facing pension funds that want to novate – or alter – their longevity swap arrangements as part of a subsequent buyout gives established players such as Legal & General a distinct advantage, according to Simon Gadd, managing director of the insurer's annuity business.

Legal & General's membership of the Life & Longevity Market Association, which launched earlier this month, gave a clear indication of its decision to move into the longevity swap market – a stance it confirmed public