Sidley advised Munich Re on a reinsurance deal with Aviva Life & Pensions UK Ltd to cover longevity liabilities relating to the Aviva Staff Pension Scheme. The transaction is the largest UK pension scheme longevity swap to date. It covers 19,000 lives, with approximately £5 billion of liabilities.

The deal team was led by Sidley partner Martin Membery, head of the London Insurance and Financial Services Practice, supported by Global Finance partner Matthew Dening. Other team members included Jens Rinze, Will Smith, Sarah Kelly, Marisa Orr, James Phythian-Adams and Luke Vassay.