MNRPF agrees £450m longevity swap with MetLife

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longevity swap with Metropolitan Life Insurance Company (MetLife).<br /> <br /> The deal provides long-term protection to MNRPF against costs resulting from pensioners or their dependants living longer than expected, as well as enhancing security for MNRPF members.<br /> <br /> The insurance policy, which will form a part of MNRPF’s investment portfolio going forward, was structured as an insurance contract with a captive insurer, owned by MNRPF's trustee and managed by WTW Guernsey, and onwards reinsurance to MetLife. <br /> <br /> WTW acted as lead adviser to the trustee, with Linklaters as legal adviser and Carey Olsen providing additional advice to the trustee. Eversheds Sutherland, meanwhile, provided legal advice to MetLife.<br /> <br /> MNRPF trustee, Melanie Cusack, highlighted the deal as a "positive step" in providing both additional security for members’ pensions and certainty for employers. <br /> <br /> “I am delighted that the trustee has taken an important step to ensure that our members’ benefits are strongly secured against increases in life expectancy," she stated. <br /> <br /> "This is a continuation of our de-risking journey, and we are pleased to have completed the deal with attractive economics." <br /> <br /> Adding to this MetLife head of risk solutions, Jay Wang, said: “MetLife’s long history and expertise in risk management positions us well to offer greater certainty for MNRPF in relation to its longevity risk. <br /> <br /> "We are pleased to have been selected for the reinsurance of this transaction, This transaction demonstrates MetLife’s commitment to supporting solutions which help pension schemes and insurers manage longevity risk.” <br /> <br /> WTW managing director and lead adviser to the trustee, Shelly Beard, also highlighted the deal as demonstration that longevity swaps are an option for smaller tranches of liabilities. <br /> <br /> “We worked with the trustee to achieve a competitive reinsurer selection process and attractive economics relative to the fund’s reserves. <br /> <br /> "It was a pleasure to work with MetLife to agree a transaction that met their, and the trustee’s, objectives, and to ensure that the trustee’s future flexibility is maximised.”</p> <br> <hr> <div class="sharewrap"> <div class="sharestorytext">Share Story:</div> <div class="jsiconwrap"> <a href="https://x.com/intent/tweet?text=MNRPF agrees £450m longevity swap with MetLife&url=https://pensionsage.com/pa/MNRPF-agrees-450m-longevity-swap-with-Met-life.php"> <i class="fa-brands fa-square-x-twitter" style="color:black;"></i> </a> </div> <div class="jsiconwrap"> <a 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href="/pa/signup-new-mpu-0124" class="link-06c"></a><p class="rightsmall"><div style="padding-top:0px;"><a href="https://www.pensionsage.com/pa/signuppa.php" target="_blank"><img src="/pa/images/pa_mpu-enews_advert-012024.jpg" border="0" alt="BANNER" title="BANNER"></a></div></p></div>  <div class="jswrap4"><div class="jstitle4">Closing the gender pension gap</div><div class="jswrap5"><video class="jsvideo4" poster="/pa/images/270x170_ScotWidows_PensionGap.jpg" controls="" width="100%"><source src="/pa/jwplayer/ScottishWidows_PA.mp4" type="video/mp4"><source src="/jwplayer/" type="video/ogg"> Your browser does not support HTML5 video.</video></div><div class="jswrap6"><div class="jstext4">Laura Blows discusses the gender pension gap with Scottish Widows head of workplace strategic relationships, Jill Henderson, in our latest Pensions Age video interview</div></div></div> <br> <div class="jswrap4"><div class="jstitle4">Endgames and LDI: Lessons to be learnt</div><div 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MNRPF agrees £450m longevity swap with MetLife - Pensions Age Magazine