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24 March 2018

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SSE pension completes 1.2bn longevity deal

10 August 2017

UK energy provider SSE has finalised a £1.2bn ($1.56bn) combined longevity swap and buy-in for two of its defined benefit pension schemes, adviser Hymans Robertson said.

This is the first time both a buy-in and longevity insurance have been used at the same time to hedge longevity risk, Hymans said.

Two buy-ins with Pension Insurance Corporation (PIC) totalled £350mn, covering £250mn of pensioner liabilities in SSE's Scottish Hydro-Electric Pension Scheme (SHEPS) and £100mn of pensioner liabilities in the Scotia Gas...

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