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Converting the MNOPF £1.6bn longevity swap to a buy-in

Converting the MNOPF £1.6bn longevity swap to a buy-in

13 January 2021 | 10:00 – 11:00

Converting the MNOPF £1.6bn longevity swap to a buy-in

We would like to welcome you to this exclusive briefing where you will have the opportunity to hear from Uzma Nazir, Head of Origination Structuring, PIC; Shelly Beard, Bulk Annuity and Longevity Hedging Specialist, from Willis Towers Watson; and Rory Murphy, Chair of Trustees of MNOPF, who will discuss the key considerations they had in when preparing to convert the MNOPF £1.6bn longevity swap to a buy-in.

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    free for members and non-members
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    1 hour

    of CPD

Event Details


Topics of discussion:
  • An insight into the process which the MNOPF Trustees went through when deciding to convert
  • What are the benefits of converting a longevity swap to a buy-in?
  • How insurers price a buy-in and what is different when it is a longevity swap conversion
  • What additional factors should be considered when converting a longevity swap?
  • How to structure an effective de-risking programme
  • Tips for Trustees and how they can effectively structure a longevity swap
Who should attend:
  • Pension scheme managers
  • Trustees
  • Administrators
  • Policy advisers
  • Consultants 
  • Lawyers
  • Corporate IFAs
  • Investment managers 
  • Actuaries
  • Communication professionals
  • Scheme secretaries
  • Financial directors 
  • HR representatives
The venue
Event Venue Brighttalk 2


Hear from the experts

Tim Middleton
Tim Middleton
- Director of Policy and External Affairs
Uzma Nazir
Uzma Nazir
Pension Insurance Corporation
- Head of Origination Structuring

Uzma Nazir is a qualified actuary working at Pension Insurance Corporation for over 10 years. She is Head of Origination Structuring and is responsible for structuring of buy-in & buyout processes. Some of the transactions she has led on are Buyout the Old British Steel Pension scheme, Buyout of the BHS2 Pension Scheme, Buy-in of the M&S Pension Scheme, Buy-in of the M&S Pension Scheme, and the buyout of the Institute & Faculty of Actuaries Staff Pension Scheme.

Prior to joining Pension Insurance Corporation, Uzma spent seven years working for Hewitt Associates (now Aon) as a pensions actuary within their Corporate Pensions Consulting Team. She advised FTSE100 clients on a range of corporate pension issues such as; accounting, benefit design, funding valuations, section 75 debt issues, liability reduction exercises, and de-risking.

Shelly Beard
Shelly Beard
Willis Towers Watson
- Bulk Annuity and Longevity Hedging Specialist

Shelly Beard is a Senior Director within Willis Towers Watson’s transactions team, specialising in advising Trustees on bulk annuities and longevity swaps. Her recent experience includes advising the HSBC trustees on their two longevity swaps covering £11bn of liabilities in 2020, advising AXA on their recent longevity swaps, and advising the MNOPF Trustee on its £1.6bn buy-in with PIC in February 2020.

Rory Murphy
Rory Murphy
- Chair of Trustees

Rory Murphy is one of the emerging figures in the pensions industry and is a well-known voice championing the improvement in quality standards and performance of pension trustees and the funds they represent.

As Chair of two maritime industry pension schemes, the MNOPF and the Ensign Retirement Plan, Rory is experienced in the challenges facing trustees with both DB and DC pension provision. During Rory’s time at the MNOPF, the fund has bucked the trend of many UK pension schemes, seeing significant increases in funding through the innovative use of Fiduciary Management, buy-ins, buyouts, and longevity swaps. Rory is also championing the next generation of pension provision, leading the maritime industry’s not-for-profit DC master trust, the Ensign Retirement Plan.