Barclays Bank U.K. Retirement Fund, Redhill, England, insured £7 billion ($8.6 billion) in liabilities through a longevity swap with an insurance subsidiary of Prudential Financial, according to a news release Thursday.
It is the second longevity swap for the fund, following one for £5 billion in December 2020 with Reinsurance Group of America. At that time, the plan's defined benefit assets were £34 billion.
The fund has now covered three-fourths of its longevity risk with the swaps, the release said. Peter Goshawk, chairman of the plan trustee, said in the release that the latest longevity transaction "is an important part of our continued de-risking of the UKRF and improves benefit security for all members."