Madhu Jain
Madhu is a partner in the corporate team. She advises on the full range of corporate transactions in the insurance sector (life and non-life) (M&A transactions, court sanctioned transfers, insurance and reinsurance) in the UK and on a cross-border basis.
Madhu is also a key member of our pension risk transfer advising on bulk annuity deals, longevity only or whole annuity insurance and reinsurance transactions. She is part of the team that won the Financial Times most innovative law firm award in the year after she had lead roles on the ITV and Uniq annuity derisking transactions. Madhu is praised for her 'incredible work ethic and drive and her ability to draw parties together to find a solution'.
Practice Area
Panel
- Contributing Author
Qualified Year
- 2000
Experience
- Pinsent Masons (2018 - January 2024)
- Linklaters (2000 - 2018)
- Gowling WLG (UK) LLP (January 2024 - Present)
Qualification
- BA (Hons) (1996)
Education
- University of Manchester (1996)
1 Contributions by Madhu Jain
PRACTICE NOTES
Hedging longevity risk in UK DB pension schemes: legal and practical guide to swap structure, pricing, collateral, credit risk, termination and governance
Pension schemes and their sponsoring employers confront a range of risks linked to their defined benefit pension schemes, a notable one being the cost of improving life expectancy. Alongside traditional ways of hedging scheme risk—such as buy-outs or buy-ins—de-risking options based on a ‘swap’ contract have been used for some time. A ‘swap’ is a broad term for an agreement under which the parties exchange a sequence of cashflows tied to an underlying asset or other variable. For more on buy-outs and buy-ins, see Practice Note: De-risking—pension buy-outs and buy-ins.
What is a longevity swap?
A longevity swap is a means for a pension scheme to hedge the risk that members live longer than anticipated. This is now most commonly arranged via an insurance policy (although the earliest transactions were implemented using a derivative). Under a longevity swap, the scheme trustees make pre-determined regular payments—typically monthly or quarterly—to the swap provider over a fixed period, modelled on the then life expectancy for specified members...
Pensions
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