Royal Berkshire fund agrees first public sector longevity hedge

The £1.2 billion Royal County of Berkshire pension fund has reached an agreement to hedge out a portion of its longevity risk according to Nick Greenwood, pension fund manager for the scheme.

In an exclusive interview with Life & Pensions, Greenwood said Berkshire has agreed pricing for an uncollateralised longevity hedge – subject to accepting terms and conditions – which will cover the 10,400 members in payment, or around 43% of its liabilities. He says there are no remaining barriers to the d

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