Longevity swap transaction

In December 2020, the Scheme executed its first longevity swap transaction, to provide some insurance against future increases in life expectancy. In November 2025, the Scheme executed a second transaction.

This second transaction provides significant further insurance against future increases in life expectancy for current pensioners.

These transactions provide important risk protection for the Scheme, but do not impact or affect the pension benefits members receive from the Scheme.