A question of longevity

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 befor

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