Linklaters has advised AXA UK PLC and the Trustee of the AXA UK Group Pension Scheme on entering into a £3bn longevity swap with Hannover Re.  The longevity swap helps protect the Scheme from the financial risk of an unexpected increase to life expectancy, in respect of mostly deferred pension liabilities. The coverage of a material number of deferred members is thought to be a first within the UK pensions market.

Linklaters’ multi-disciplinary team was led by pensions partner Rosalind Knowles and pensions managing associate Sarah Opie, and included Duncan Barber, partner in the firm’s corporate insurance practice as well as banking counsel Kim Rybarczyk.

Linklaters Global Head Pension Funds, Claire Petheram, commented “I am delighted to see our team continues to be at the cutting edge of de-risking transactions, delivering for our trustee clients the first deferred longevity transaction.” This transaction is another example of Linklaters pensions practice advising on some of the largest global transactions of this kind.