BESTrustees is delighted to announce that in its role as Independent Chair of Trustees, it has led the Trustee of the Nationwide Pension Fund during the recent £1.7bn longevity risk transfer transaction with Zurich Assurance and Prudential Financial.
The transaction transfers the longevity risk of approximately 7,000 scheme members covering £1.7bn of liabilities. Under the terms of the transaction, the longevity risk of the members will be passed through Zurich UK to an insurance subsidiary of Prudential Financial, with a limited recourse mechanism to protect Zurich UK against exposure.
“This transaction is an important step in ensuring that members’ benefits are secured against unexpected increases in life expectancy. This is great news for the fund and its members, transferring risk and helping to further protect our members’ pensions. We as a trustee board are delighted to have taken this additional step on our long-term de-risking journey. The trustee is grateful to Aon and Sackers for their support and looks forward to working closely with the Zurich and Prudential Financial teams.”
Catherine Redmond, BESTrustees
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