Open-access content Tuesday 21st February 2012 — updated 5.13pm, Wednesday 29th April 2020
Rothesay Life has reinsured the longevity risk of 20,000 members of the Uniq Pension Scheme in a £423m deal with US firm, Prudential Retirement.
Prudential Retirement said the transaction was significant in that it covers the risks of all life annuities held by plan participants, regardless of age or retirement status. Over half the plan participants reinsured have yet to reach retirement.
Amy Kessler, senior vice president and head of Prudential's Longevity Reinsurance business said, "We are happy to partner with Rothesay on another innovative pension risk transfer transaction."
Trustees of the Uniq Pension Scheme completed an £830m buy-in deal with Rothesay Life in December last year.