Increasingly, many large enterprises with decades’ worth of accumulated pension liabilities are starting to look like a pension scheme with a company attached on the side. While de-risking and shedding pension liabilities has risen up on the corporate agenda because of this, the range of options open to companies has, so far, remained limited. And although buy-ins and buy-outs are well understood, they are not suitable for everyone. Enter the longevity swap.
In May this year, London-based