A question of longevity
Pricing and management of longevity risk is gaining in prominence for life and pensions companies. But the market for longevity risk on the pension side remains underdeveloped
The 2004 UK Pensions Act established 'scheme funding', a rule that means any employer wishing to rid itself of its pension scheme liabilities must find a counterparty, usually an insurance company, that can do a bulk buy-out. Deals transferring annuities between insurers are now quite common. Witness Canada Life's June purchase of £2.2 billion worth of annuities from Resolution Life, while Resolution did a similar deal on £1.5 billion of annuities with the Prudential insurer just the month
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