According to Reuters, Lloyds Banking Group Pensions Trustees Limited has agreed a £10 billion pension insurance deal to protect against the cost of its members living longer than expected.
In a statement, it said that the insurance and reinsurance deal, agreed with Scottish Widows Ltd and Pacific Life Re Ltd, covers Lloyds Bank Pension Scheme No.1, Lloyds Bank Pension Scheme No.2 and the HBOS Final Salary Pension Scheme.
