Local authority opts for longevity swap

The £1.2 billion Royal County of Berkshire pension fund is poised to take the bold step of signing a longevity swap deal to cover all of its 10,000 pensioners, in the first of its kind for a UK public pension scheme.

The fund, which has 18,324 active members, 13,001 deferred members and 10,400 retirees, would be the first local authority pension fund to sign a longevity swap deal, which Nick Greenwood, pension manager for the fund, described as “exchanging uncertainty for certainty”.


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