BT Pension Scheme completes £10bn longevity swap transactions with Swiss Re & RGA
- September 28, 2025
- Posted by: Kassandra Jimenez-Sanchez
- Category: Insurance
The BT Pension Scheme (BTPS), one of the UK’s largest private sector pension schemes with 260,000 members and £36 billion of assets under management, has completed two longevity reinsurance transactions totalling £10 billion.
The new longevity re/insurance arrangement includes a £5 billion agreement with Swiss Re and an expansion of existing coverage with Reinsurance Group of America (RGA) by £5 billion, building upon a similar transaction from 2023.
The reinsurance, executed through the Scheme’s captive insurer, leverages existing infrastructure and will not alter BT’s cash contributions, the announcement stated.
Jill Mackenzie, Chair of Trustees, BTPS commented: “These transactions help to advance the development of the Scheme’s long-term investment strategy, providing increased certainty for the Scheme, our sponsor, and members.”
Brightwell, BTPS’ primary services provider, led the transactions, supported by WTW and A&O Shearman. Swiss Re was advised by Willkie Farr & Gallagher.
Wyn Francis, Chief Investment Officer, Brightwell, said: “Brightwell’s leading role in delivering two concurrent longevity swaps demonstrates the value in a fully integrated fiduciary manager.
“These transactions will be onboarded to Brightwell’s automated, efficient and low-cost operating platform, reinforcing our experience and capability in managing all Scheme risks to achieve market leading outcomes for a Scheme in run-on.”
Emma Ferris, Managing Director, RGA UK, added: “We are delighted to have once again partnered with BTPS on this transaction, further supporting the Scheme’s aims of stability and financial security of retirement benefits for its members.”
Kerry McMullan, Head L&H Structured Solutions, Swiss Re, stated: “We are very grateful for the opportunity to bring our financial strength and longevity risk structuring experience to BTPS to make the Scheme more resilient to uncertain future life expectancies and helping it provide secure retirement benefits to its membership.”
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