LONDON – July 28, 2026 – WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company, has launched a new streamlined longevity swap solution – Longevity Stream – that makes longevity hedging more accessible, efficient and cost-effective for UK defined benefit pension schemes.
Longevity swaps are a well-established path for schemes in the UK market. Over £170bn of longevity risk has been transferred to reinsurers since 2009, with WTW as lead adviser on over £100bn of these transactions. However some smaller and medium-sized schemes have historically found longevity swaps more difficult to access due to the implementation and ongoing management costs.
Longevity Stream will broaden access to this market and is aimed at schemes with £100m–£1bn of liabilities. It has been designed with future flexibility in mind, supporting run‑on strategies while making transition to a bulk annuity straightforward.
The solution will provide a structured route to market, giving trustees access to a panel of leading global reinsurers, and with Zurich as an experienced intermediary.
Key features include pre-negotiated contracts, developed in partnership with legal advisers CMS, and a simplified operational structure, helping schemes to implement longevity swaps more efficiently under a fixed-fee arrangement.
The launch comes at a time when recent CMI mortality improvement projections and record low death rates in 2026 have brought renewed focus to longevity risk and the potential for further improvements in life expectancy.
“We are seeing increased interest from schemes that want to access this market but have been held back by the perceived complexity and cost.”Rhys MellensSenior Director
Rhys Mellens, Senior Director, WTW, said: “Demand for longevity swaps has grown in recent years, with schemes increasingly looking to manage longevity risk, either as part of a run‑on strategy or to lock down a key driver of future buy‑in pricing.
“We are seeing increased interest from schemes that want to access this market but have been held back by the perceived complexity and cost. Longevity Stream removes those barriers, giving schemes a more efficient route to market whilst retaining future flexibility and enabling them to access the attractive pricing currently available.
Amanda Chamming’s, Partner at CMS, said: “Longevity Stream offers great flexibility for schemes that previously may have found it difficult to access the longevity swap market, enabling them to further reduce their risk, strengthen scheme security and protect long-term outcomes for members.”
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
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