APG rules out longevity swaps

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In-built derisking mechanisms in the Dutch pension sector means APG, the largest manager of pension fund assets in the Netherlands, is not considering longevity swaps as a hedging instrument, according to Onno Steenbeek, director of asset liability management and risk policy at the firm.

APG manages about €220 billion (£191 billion) of assets and liabilities for "several" Dutch schemes (exact figures are not released by APG), including civil service fund ABP. Rotterdam-based Steenbeek said it ha