11 February 2020
“Pension Insurance Corporation plc (“PIC”), a specialist insurer of defined benefit pension schemes, has completed an insurance deal with the Merchant Navy Officers Pension Fund (“MNOPF”), converting a pensioner longevity swap into a £1.6 billion buy-in.
The buy-in secures the pensions of around 14,000 members and converts a longevity swap held between MNOPF and Pacific Life Re. This is the third such transaction involving the conversion of a longevity swap to a buy-in completed by PIC, signifiying a growing appetite in the market for these types of deals. The Trustee was advised by Willis Towers Watson and legal advice was provided by Baker McKenzie. PIC was advised by CMS.
The MNOPF is an industry-wide pension scheme established in 1937 to allow shipping companies to provide retirement and death benefits for their officers.
MNOPF Chair, Rory Murphy, said: “This buy-in enables us to more effectively manage the risks faced by the Fund as a whole, providing greater certainty to members that their benefits will continue to be paid in full from the Fund. It is also good news for employers in the maritime and shipping industry, who have already saved many millions in deficit contributions over recent years as a result of our improved funding position.”
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