Pension Corporation, a UK retirement scheme insurer, is to offer a policy to protect companies against the risk their employees will live longer than expected as the market for such insurance grows.

The new insurance policy is being offered through Pension Insurance Corporation, a subsidiary, and is the first to cover a scheme for its entire lifetime. Competitors, such as Tactica Insurance and PensionsRisk, also offer insurance, but typically for a limited period, for example 10 years.