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Following an unusually quiet year for these deals, two pension schemes have decided to cut out the middlemen

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Two big UK pension funds have signed off on £5bn's worth of longevity swaps this summer, in both cases cutting out the middlemen to do the deals cheaply.

Today, the pensions consultancy Mercer said it had arranged a £3.4bn longevity-swap deal for its £6.5bn UK pension fund, which will insure it against the financial hit if its staff live longer than it is expecting them to.

BA and Mercer go direct with £5bn longevity deals

Mark Cobley

British Airways

Prudential Financial

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Coutts hires ex-JPMorgan banker James Todd as next private client boss

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

Senior GIC private equity lawyer joins Dechert in London

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Some firm leaders have shrugged off deals as unenforceable, while at least one has taken on trade work for the administration with no fanfare.

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