Taking the long view



Dramatic increases in life expectancy in recent years have left private sector pension funds and annuity providers with massive longevity exposure - and unlike other risks, such as credit or interest-rate risk, there are few options available to hedge this risk on any significant scale within the private sector itself.

In the UK, for example, despite the recent rapid expansion in the number of pension buy-out companies, the buy-out market still only has a turnover of around £5 billion per year -

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