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Travers Smith acts for the Scottish & Newcastle Pension Plan on £2.4b longevity hedge with Friends Life Limited

Travers Smith Pensions Risk Management partner Peter Hughes and Finance assistant Vanessa Battaglia have advised the Scottish & Newcastle Pension Plan on a longevity transaction with Friends Life Limited, now part of the Aviva Group, to insure the longevity risk in respect of £2.4bn of the Plan's defined benefit pension liabilities. The deal, announced by Heineken today, provides funding security and protection against the financial risk of pensioners living longer than originally expected.

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