Linklaters advises the Aviva Staff Pension Scheme on largest ever pension scheme longevity swap

Linklaters has advised the trustee of the Aviva Staff Pension Scheme on the largest ever pension scheme longevity swap, which has been announced today by Aviva.

The £5bn bespoke swap, which removes a third of the Aviva Staff Pension Scheme’s total longevity risk, is the first of its kind that allows an efficient risk transfer to the reinsurance market and opens the door for other schemes to follow suit.

The Linklaters team was led by Madhu Jain (Counsel) and Isabel France (Partner), supported by Sarah Parkin (Managing Associate), Kim Rybarczyk (Counsel) and Sarah Opie (Associate), among others.

The deal continues Linklaters’ track record of advising in this area.  Other examples include advising on AstraZeneca’s recent £2.5bn longevity swap. Linklaters also won Most Innovative Firm in Corporate Law at the Financial Times Innovative Lawyers Awards 2012 for its work in this area. The award recognised the work of Linklaters’ corporate insurance and longevity solutions cross-practice team, which leverages the firm’s expertise in pensions, derivatives and insurance to pioneer and help develop both innovative ‘longevity’ solutions and innovative pension scheme buy out solutions.  These are designed to help insurance and banking clients who accept such risks and pension fund clients (both companies and trustees) seeking to transfer it.

For further information please contact Rupert Winlaw on +44 20 7456 3219.