Examining your pension plan’s longevity risk and the range of strategies to reduce it For pension custodians these are perilous times. While some work has been done on quantifying investment, inflation and interest risk – pension schemes have not, to date, had the tools to analyse the risk, nor the solutions to manage the cost of its members living longer that expected. The European De-Risking Longevity Forum has been designed to bring together the experts in this market from early adopters of the new longevity solutions to naysayers and those that challenge assumption of an ever increasing life expectancy. At the European De-Risking Longevity Forum 2010 you will: *Hear the arguments for and against increased life expectancy – and how it will affect your plan *Find out how schemes can prepare to quantify their risks *Learn which alternative de-risking strategies are available to your schemes *Gain insight into the legal complexity that each bespoke deal is likely to bring

1. oF top L
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DE-risking
LongEvity
Forum 2010 your 2010 vip
Examining your pension plan’s spEakEr FacuLty
longevity risk and the range of incLuDEs:
strategies to reduce it Steven Robson, Head of
Pensions, United Utilities Group
Chesterfield Hotel Mayfair, London
Pre-conference Masterclass: 29 November Jeremy Williams, Head of
Main conference: 30 November Pensions, Daily Mail and
General Trust
Hear from a leading line up of over 20 speakers in one action
Alan Pickering, Chairman,
packed day with plan sponsors, longevity experts and academics BESTrustees
who will discuss the longevity deals of 2010 and the market trends
in 2011. Attending the event will enable you to: Andrew Warring, Chief
Executive, Merchant Navy
Examine the arguments for and against an increased life Officers Pension Fund
expectancy in the future to decide if you think this will affect your Sarah Smart, Chair of Trustees,
plan and its mortality risk The Pensions Trust
Andrew Neilan, Trustee Director,
Be part of the debate between leading plan sponsors like Daily Mail and Friends Provident Pension
General Trust, BESTrustees, United Utilities and The Pensions Scheme
Trust who will discuss why they have not yet decided to de-risk longevity Kenneth Howse, Senior
to see if your peers are using similar decision making criteria Research Fellow, Oxford Institute
of Aging
Get a grounding in which longevity strategies are available to your
Andrew Coburn, Vice President.
plan and how to reach a decision about which one to choose to enable Life & Health Risk Research,
you to de-risk effectively RMS
Take part in the interactive workshop that will de-mystify longevity Rebecca Driver, Chief
Economist, Association of British
swaps and show you how they work and who invests in them. This will Insurers
allow you to have a better understanding of where your longevity risk ends
David Collinson, Head of
up in the capital markets and how this chain of ownership can affect your Origination, Pension Corporation
pension plan
Andrew Gaches, Longevity
Gain an insight into how to negotiate through the legal complexity Consultant, Club Vita
and counterparty risk that each bespoke deal is likely to bring so you Martin Bird, Principal and UK
are able to gauge the likely costs for your own plan Lead, Hewitt Associates
l series Robert Gardner, Co-Chief
praise for Finance iQ’s insurance Linked securities globa Executive, Redington Partners
The conference was great and I learned a lot of new things, especially within the pre-
r,
conference workshops! I think you did a fantastic job in pulling everything togethe Cord-Roland Rinke, Associate
the speakers had excellent experience and knowledge. Keep up the good work! Director, Hannover Re
Sun-Siang Liew, Senior Analyst, Validus Research
www.EuropeanLongevityRisk.com FrEE For First 20
pEnsion FunDs
+44 (0)20 7368 9300 or 0800 652 2363 enquire@iqpc.co.uk book now!!!

2. On behalf of Finance IQ, I am delighted to welcome you to the the
inaugural European De-Risking Longe to forum. e you to
On behalf of Finance IQ, I am delightedvitywelcom
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inaugural European De-RiskingBattered by theforcome youits impact on the stock
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s for pension funds.
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ets it is clear to see why is key is an increasing to keep increasing, quantifying and pension
markeliminating mortality risk n life expeadjusting to the new normal. So plan sponsorsand eventually
there to
s that huma ificing ctancy is likely ent information from a host of sourcesion find the
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right answer for their plan. nt information from a host of sources to find the
managers need to equip themselves with independe keep increasing, quantifying and eventually
expectancy is likely to
With indications that human life
right answer for their plan.this is an incrediblethe new normal. is plan sponsors and pension
So
eliminating mortality risk is key to adjusting to opportunity. Iton trendaratherof sources to find the
For the capital markets than spike risk,
s with independent informati trend for host to make) and potentially
from anyone spike risk,
managers capital (althoughthis is an incredible opportunity. hard claim rather than
need to equip themselve
uncorrelated markets after the credit crisis this is a It is
For the ly
right answer for(although in the the aloneit crisisfurther a hard claim for anyone to make) and. potential
a £1.5 trillion market after UK cred with a this is multi-trillion pound market worldwide
their plan.
uncorrelated et world wide.
UK alone with a rtun multi-trillion pound mark
er
a £1.5 trillion market in theLongevity Forum furth ity. It is trend rather than spike risk, eer
For the capital markets this is an incredible oppo focus on giving you the most comprehensive peer-to-p
The European De-Risking will
hard claim for anyone comp pension potentially
) and
credit the chanceis aon giving withthe most to make sive peer-to-pand
crisis this to network you plan sponsors, rehen managers eer
rrelated (although after the
uncolearning opportunities coupled with m will focus i-trillion pound market worldwide.
Longevity Foru
The European De-Riskinghave recently worked on deals. er mult all this for free: as pension managers n/fund
a £1.5 trillion experts in the UK alone with a furth to netwAnd with plan sponsors, a pension custodia and
longevity market whoities coupled with the chance e as my ork but do hurry, as Ipension custodian /fund
learning opportun you to attend the conferenc have 20 places
manager, I invite on deals. And all this for free, as a only
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longevity experts who have recently worked focus on giving t but domost comprehensive 20 places peer-to-peer
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to give away. you to attend the Forum will e as my guesyou the hurry, as I only have gers and
The Europeaninvite isking Longevity conferenc
manager, I network with plan sponsors, pension mana
learning opportunities coupled with the chance to
to vity experts who have recently London onNovember! all this for free, as a pension custodian /fund
give away. worked in deals. And
longelook forward to meeting you in
I hurry, as I only have 20 places
you to attend in London in Nove my guest but do
manager, I invite to meeting you the conference asmber !
I look forward
to give away.
!
I look forward to meeting you in London in November
Access complimentary
Anastasia Guha learning resources from
Event Director
Anastasia Guha
www.EuropeanLongevityRisk.com
Conference Director
Anastasia Guha
prE conFErEncE mastErcLass
Conference Director
29 November 2010 15.00 – 17.00 Chesterfield Hotel Mayfair, London
Having worked on a number of longevity hedging transactions including the recent £1.3 bn BA deal with Lucida, Paul Kitson,
Senior Consultant, Towers Watson will lead an interactive workshop that will look at some of the science behind longevity
swaps and include some of the lessons learnt from actual transactions.
The essential guide to longevity swaps – how they work and who invests in them
• The mechanics of a longevity swap - how do they work in practice?
• Who is on the other side of the trade?
- Examining who is taking longevity risk from pension schemes
- Where does the risk end up?
- What kinds of investors have an appetite for longevity products?
• The future of the longevity swap market - what is the capacity for longevity swap hedging now and
and what is it likely to be in the future
• Other factors that will change the market
Paul Kitson is a senior consultant with 10 years experience advising a range of UK pension schemes and their
corporate sponsors. Over the last 5 years Paul has specialised in advising corporate sponsors and UK pension
scheme Trustees on derisking and transferring liability to counter-parties. In 2009 Paul led the Merchant Navy
Officers Pension Fund (a multi billion industry wide UK pension fund) £500m buy-in with Lucida (the specialist
insurance company) and recently led the £1.3bn British Airways synthetic buy-in with Rothesay Life (the
insurance subsidiary of Goldman Sachs). Paul has also been actively involved in a number of other risk transfer
projects including advising on longevity hedging strategies, enhanced transfer value exercises and pension
increase exchange exercises.
+44 (0)20 7368 9300 or 0800 652 2363 www.EuropeanLongevityRisk.com enquire@iqpc.co.uk

3. conFErEncE agEnDa
30 November 2010, Chesterfield Hotel Mayfair, London
08:30-09:00 13.45-14.30
registration and coffee panEL iii getting what you pay for: is hedging
longevity right for your plan?
09:00-09:05 • So far, what are the real costs of a longevity creep?
chairman’s opening remarks • When is hedging longevity the wrong option for your pension plan?
• Stumbling blocks: Bad data, cost and pricing
• Risk versus reward – lessons from the early adopters
09.05-09:30 • Who is best qualified to advise on hedging longevity?
keynote Debate: is the upward trend in life David Collinson, Head of Origination, Pension Corporation
expectancy likely to continue indefinitely? Andrew Gaches, Longevity Consultant, Club Vita
Moderator: Liam Kennedy, Editor, IPE Andrew Warring, Chief Executive, Merchant Navy Officers Pension Fund
For: Kenneth Howse, Senior Research Fellow,
Oxford Institute of Aging 14.30-15:15
Against: Andrew Coburn, Vice President. panel iv Longevity swaps: a product whose time
Life & Health Risk Research, RMS has come?
• How can longevity swaps be used as part of a sponsor’s
09.30-10:30 broader de-risking agenda?
panEL i pension plan de-risking post crisis: what is • Do the current pricing models work – why aren’t they
needed, better controls or a paradigm shift? more transparent?
• Risk management in pensions – how has the financial crisis • Expensive exits – what is the solution?
affected risk mitigation strategies • Swaps versus other longevity hedging products
• Determining which risks are being targeted for hedging: • Will the markets be able to provide a commoditised solution
Inflation, nominal rates, real rates, longevity? in the future?
• Trustee education • Securitising longevity risk – is a liquid longevity market really
• In the current climate is there an appetite to address longevity likely in the near future?
as a separate exercise? Martin Bird, Principal and UK Lead, Hewitt Associates
Moderator: Liam Kennedy, Editor, IPE Robert Gardner, Co-Chief Executive, Redington Partners
Speakers: Steven Robson, Head of Pensions, United Utilities Group Cord-Roland Rinke, Associate Director, Hannover Re
Brian Radford, Pension Fund Manager, Alstom*
Jeremy Williams, Head of Pensions, Daily Mail and General Trust 15.15-15.45
Alan Pickering, Chairman, BESTrustees networking coffee break
Sarah Smart, Chair of Trustees, The Pensions Trust
*pending confirmation
15.45-16.30
10.30-11.00 challenges of negotiating complexity in
networking coffee break longevity deals
• Dispute resolution and payback mechanisms
11.00-11.25 • Compliance with data protection and monitoring
• Eventualities of termination of contract and defaults
managing Longevity risks through LDi • Regulatory developments – pensions law
• How can LDI be implemented to include a mortality risk overlay?
• How will longevity risk sit alongside hedging liabilities in inflation
and interest rate risk 16.30-17.15
Andrew Neilan, Trustee Director, Friends Provident Pension Scheme panel v controlling counter-party risk: Lessons from
Lehman and beyond
11.20-11.45 • Structuring security and collateral arrangements
• Is dealing with banks riskier than the insurance markets?
getting an insurance industry perspective • Best practices for controlling counterparty risks
solvency ii and its impact on hedging activities Paul Kitson, Senior consultant, Towers Watson
• Analysing the impact of regulatory change, including Solvency II
• What are the key issues that will arise for annuity writers?
• How will the changes in retirement age affect the sector? 17.15-17.30
Rebecca Driver, Chief Economist, Association of British Insurers chairman’s closing remarks - End of the conference
11:50-12:45 sponsorship opportunitiEs
Demographic issues in Longevity risk analysis three easy ways to get involved
1) Thought Leadership: With an expected audience of senior finance
• Are the baby boomers really a good indicator of life expectancy customers and decision makers from across the globe, Finance IQ events
in other generations? enable you to build your reputation as a market – leader in your chosen
• Asymmetric information in longevity trends: how long will the domain through speaking sessions and subject specific conference streams,
cohort effect last? workshops and focus days
• Are all pension funds subject to cohort effects? 2) Branding: We bring together buyers and suppliers in a tailored location
• What does this mean for constructing reliable mortality indices? with unbeatable facilities for on-site branding and exposure. Furthermore,
our dedicated marketing team can help you achieve your promotional aims
in the months leading up to the conference with dedicated mailings to cover
12.45-13:45 50,000 contacts through brochure drops, extensive e-mail campaigns and
Luncheon tailored web coverage
3) Featured Networking Events: Focused and high level, our events
will provide you with the perfect environment to initiate new business
relationships and achieve face to face contact that overcrowded tradeshows
About Finance IQ cannot deliver. Sponsorship opportunities range from exhibition stands to
Finance IQ provides news and strategic events sponsored lunches, cocktail receptions, gala dinners and a host of informal
across Europe, Asia, the US and the Middle East every year, educating social networking events.
almost 5,000 high-level executives annually. Our comprehensive face-to- For further details, or to discuss which option is best for your
face and online events provide an unbiased, specialist forum where you can organisation, please call Anastasia Guha on +44 (0)207 368 9300
discuss the issues most important to you. or e-mail sponsorship@iqpc.co.uk
+44 (0)20 7368 9300 or 0800 652 2363 www.EuropeanLongevityRisk.com enquire@iqpc.co.uk

4. 5 WAYS TO REGISTER
Freephone: 0800 652 2363 or
Chesterfield Hotel Mayfair, London +44 (0)20 7368 9300
Pre-conference Masterclass: 29 November
Main conference: 30 November Fax: +44 (0)20 7368 9301
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Online: www.EuropeanLongevityRisk.com
Email: enquire@iqpc.co.uk
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