Rolls-Royce completes £3bn longevity swap deal

Deal is latest in longevity swap trend that has seen more than £11 billion in pension scheme liability risks transferred to banks and insurers

Rolls Royce

Rolls-Royce and the trustees of its pension fund have agreed a longevity swap to cover around £3bn of liabilities.

The firm says the deal – conducted with Deutsche Bank – will give additional security to all members of the company's final salary pension scheme. It explains around 37,000 pensioners are covered by this agreement.

It says the cost of the transaction would be borne by the pension fund and have "no material effect on funding arrangements".

Rolls-Royce finance director Andrew Shilston

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