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WTW rolls out streamlined Longevity Stream for UK pension longevity swaps
WTW said the solution targets defined benefit schemes with £100m to £1bn of liabilities and is designed to cut the implementation and management costs that have limited smaller trustees.
Broking group WTW has launched a new longevity swap offering, Longevity Stream, aimed at widening access to the UK longevity risk market for defined benefit pension schemes with £100m to £1bn of liabilities. The firm said the product is intended to support run-on strategies and enable a smoother transition to bulk annuity transactions.
WTW said longevity swaps are already a well-established route in the UK market, with more than £170bn of longevity risk transferred to reinsurers since 2009, and with WTW acting as lead adviser on over £100bn of those deals. It added that smaller and medium-sized schemes have historically found longevity swaps harder to access due to implementation and ongoing management costs.
Longevity Stream includes pre-negotiated contracts developed with legal advisors CMS, along with a streamlined operational framework under a fixed-fee arrangement. WTW said trustees can access a panel of global reinsurers, with Zurich positioned as an experienced intermediary.
WTW also linked the launch to heightened attention on longevity risk, citing recent CMI mortality improvement projections and record low death rates in 2026. It noted Longevity Stream builds on its broader work in longevity, including an updated Geospatial Mortality Model for the US pension risk transfer market, intended to help insurers enhance PRT pricing and asset-liability management.