ITV completes £1.7 billion longevity swap with Credit Suisse

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The ITV pension scheme has entered into a £1.7 billion longevity swap with Credit Suisse to fully hedge the longevity risk for 12,000 of its pensioner members.

Under the contract, the firm will make fixed monthly payments to Credit Suisse who, in turn, will make payments to the scheme that broadly match the value of benefits being paid out.

The significant size of the swap deal makes it the third-largest of its kind so far, after swaps arranged by BMW and Babcock International, and is being

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