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CMS advises on £900m longevity swap for Trustees of the PGL Pensions Scheme


CMS in London has acted for the Trustees of the PGL Pensions Scheme (“PGL”) in the £900 million longevity insurance transaction with Phoenix Life Limited (“Phoenix”), part of Phoenix Group Holdings, a FTSE 250 company.

The arrangement involves the transfer of the scheme’s longevity risk in respect of its pensions to Phoenix, providing additional security for the trustees by hedging the longevity risk of around £900m of the scheme’s liabilities.

The CMS team was led by James Parker, the co-head of the Life, Pensions and Longevity Risk Team, with assistance from pensions partner Peter Coyne, tax partner Aaron Fairhurst, financial services senior associate Lisa Brown and trainee Amanda Wallbank.

Commenting on the transaction, James Parker said: “We are delighted to have been able to assist the trustees of PGL on this transaction which reduces risk in the scheme and cements our team’s reputation as the “go-to” advisor in the rapidly developing pensions and longevity risk market.”

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