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BBC Pension Scheme completes £6B longevity swap with Zurich and MetLife, involving 21,000 members, with statements from Catherine Claydon, Greg Wenzerul, Angela Li, and Tom Scott.

BBC Pension Scheme, Zurich and Metlife Complete £6 Billion Longevity Swap Deal

November 20 2025

The BBC Pension Scheme has completed a longevity swap with leading insurer Zurich Assurance Ltd (“Zurich”) and global reinsurer Metropolitan Life Insurance Company (“MetLife”) covering approximately £6 billion of pensioner liabilities representing around 21,000 members. This is the second longevity swap that the Scheme has executed with Zurich, following a £3 billion transaction in 2020.

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