Pilkington secures longevity arrangement for pension scheme

Glass manufacturer Pilkington has put in place a longevity insurance arrangement for its superannuation pension scheme.

The arrangement, implemented by provider Legal and General, will insure the scheme against the risk of 11,500 pensioners living longer than expected, with around £1 billion in associated liabilities.

Tom Ground, head of business development at Legal and General, said: “The arrangement reflects the trustee and its advisers’ commitment to work with a longevity insurance provider they believe has the expertise and financial security to deliver.”

Read more articles on de-risking pension schemes