P&O de-risks its longevity exposure



The £800 million pension scheme of port operator P&O - now owned by Dubai based DP world - has completed a longevity de-risking with Paternoster that sees the bulk purchase annuity provider (BPA) taking on the longevity risk for all pensions in payment in the scheme.

Paternoster now takes on the full longevity risk for the 10,000 pensioners of the P&O pension scheme and also the assets supporting this risk. P&O will still conduct all the administration for the scheme but the buyout company now

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