Lloyds Banking Group agrees Pacific Life Re longevity swap

Lloyds Banking Group Pensions Trustees has agreed longevity insurance and reinsurance arrangements worth £10bn to protect certain Lloyds Banking Group pension schemes from the cost of unexpected increases in the life expectancy of its members. Harry Baines, chair of the Trustee, stated: "We are delighted to have successfully completed these longevity insurance and reinsurance arrangements with Scottish Widows and Pacific Life Re. This will protect the schemes from the financial risk of an unexpected...