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Burton Malkiel Talks About Efficient Markets
In this video sponsored by Vanguard, Burton Malkiel, Princeton professor and author of "A Random Walk Down Wall Street," talks with RIJ editor Kerry Pechter about what "efficient market" means to him. The 10th edition of "A Random Walk" has just been published.
Industry Views are special reports that are sponsored and independent from RIJ's editorial content.
November 30, 2011, News, International
Rolls-Royce agrees to £3bn longevity swap with Deutsche Bank
The British automaker's defined benefit plan assets stood at £7.8bn ($12.3bn) last December, with a surplus of around £700m ($1.1bn).
UK – The Rolls-Royce Pension Fund is the latest scheme in the UK to have entered into a longevity swap – one of the largest to date, reducing its liabilities by approximately £3bn (€3.5bn), IPE.com reported.
Under the agreement, Deutsche Bank will hedge the longevity exposures of the scheme, passing on the risk to a syndicate of reinsurers.
The cost of this transaction will be borne by the pension fund and will have no material effect on the funding arrangements, according to the Rolls-Royce pension scheme.
Andrew Shilston, Rolls-Royce finance director, said: "We have made sure that as our pensioners live longer in retirement we have made proper provision for them.
"This is the latest in a series of measures we have taken to achieve greater certainty for our future funding requirements."
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