MetLife Inc. has announced its participation in a £6 billion longevity swap deal with the BBC Pension Scheme and Zurich Assurance Ltd. The transaction covers approximately 21,000 members and represents the second longevity swap between the BBC Pension Scheme and Zurich, following a previous £3 billion deal in 2020. MetLife is providing reinsurance for the transaction, which is designed to protect the pension scheme against the risk of increased costs due to members living longer than expected. Aon acted as the sole transaction adviser, and legal advice was provided by multiple law firms to the parties involved.
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