World News

Lloyds Bank pension trustees agree 10 billion pounds insurance deal

LONDON (Reuters) – Lloyds Banking Group Pensions Trustees limited said on Wednesday it had agreed a 10 billion pounds ($13.14 billion) pension insurance deal to protect against the cost of its members living longer than expected.

The insurance and reinsurance deal, agreed with Scottish Widows Limited and Pacific Life Re Limited, covers Lloyds Bank Pension Scheme No.1, Lloyds Bank Pension Scheme No.2 and the HBOS Final Salary Pension Scheme, it said in a statement.

(Reporting by Simon Jessop; editing by Noor Zainab Hussain)