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WTW launches Longevity Stream to broaden UK pension longevity swaps
The offering targets UK defined benefit schemes with liabilities between £100 million and £1 billion, using pre-negotiated legal documents and a fixed-fee structure to cut administration complexity.
WTW has introduced Longevity Stream, a new longevity swap offering designed to make longevity risk management more accessible for UK defined benefit pension schemes, especially smaller and medium-sized plans. The company said the move targets barriers it links to the implementation and ongoing administration costs of traditional longevity swaps.
WTW said more than £170 billion of longevity risk has been transferred to reinsurers since 2009, and it has served as lead adviser on transactions exceeding £100 billion. Longevity Stream is intended for pension schemes with liabilities ranging from £100 million to £1 billion.
The program is built to support trustees considering a run-on strategy, while also enabling a straightforward transition to a bulk annuity if needed. Trustees will access a panel of leading global reinsurers through a structured market process, with Zurich acting as intermediary.
WTW said Longevity Stream incorporates pre-negotiated legal documentation developed with law firm CMS and a simplified operating model, aiming to reduce complexity and allow schemes to implement longevity swaps under a fixed-fee structure. Reinsurance News reported the launch comes as renewed attention on longevity risk follows updated CMI mortality improvement projections and record low death rates recorded in 2026.