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ARTICLE · 15 JANUARY 2015

Merchant Navy Joins Guernsey’s Pension Longevity Risk Boom

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The Merchant Navy Officers Pension Fund (MNOPF) is the latest scheme to utilise a Guernsey captive to hedge £1.5bn of its longevity risk, reports Captive Review.

GuernseyInsurance
Rory Murphy
Rory Murphy
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The Merchant Navy Officers Pension Fund (MNOPF) is the latest scheme to utilise a Guernsey captive to hedge £1.5bn of its longevity risk, reports Captive Review.

The MNOPF has worked with Towers Watson to complete the transaction which used MNOPF IC Limited - a cell within Towers Watson ICC - to reinsure the risk with Pacific Life Re.

"Longevity was a significant, concentrated risk for the fund and, having considered the different options available, the trustee board decided that Towers Watson's Longevity Direct structure was the most cost effective and efficient structure," said Rory Murphy, MNOPF Chairman.

"This, combined with attractive reinsurer pricing, allowed us to hedge longevity risk without any material impact on our broader journey plan."

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