Manweb Corporate Pension Trustee has agreed a £1 billion longevity swap with Abbey Life Assurance, which covers around 4,000 members of the Manweb Group of the Electricity Supply Pension Scheme (ESPS).
The swap has been structured as a tri-partite insurance policy between the Electricity Pension Trustee, Manweb Corporate Pension Trustee, and Abbey Life Assurance.
The longevity swap aims to protect members of the Manweb Group of the Electricity Supply Pension Scheme against the risk of rising costs as the life expectancy of defined benefit (DB) pension scheme members increases. Manweb forms part of the Scottish Power group.
Mercer acted as lead advisor on the transaction. Law firm CMS London acted for the trustees of the Manweb Group of the ESPS.
