Sackers advises Trustee of ITV Pension Scheme on longevity swap

Sackers acted on behalf of the Trustee of the ITV Pension Scheme on its longevity swap contract with Credit Suisse.

The longevity swap protects the ITV Pension Scheme against the risk of covered members living longer than expected. The swap covers benefits due to almost 12,000 retired members and dependants and is one of the largest risk transfer exercises to have been undertaken by a UK pension scheme. 

Graham Parrott, Chairman of the ITV Pension Scheme Trustee, said "This longevity swap removes a significant risk from the Scheme and meets a key trustee goal of enhancing the security of members’ benefits.  Sackers provided specialist legal advice to the Trustee as our team of advisers worked together to negotiate a contract which meets our objectives."

Ian Cormican, partner, who led the Sackers’ team advising the Trustee, said: "Longevity swaps continue to appeal to both sponsoring employers and trustees as a way of mitigating risk.  In agreeing this significant swap and implementing the associated collateral and governance arrangements, the ITV Pension Scheme Trustee has taken a concrete step towards enhancing the security of members’ benefits."

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