Tyre manufacturer Pirelli has completed a pair of longevity swaps to insure against potential improvements in the life expectancy of members in two of its UK pension schemes.

The Pirelli General Pension and Life Assurance Fund and the Pirelli Tyres Limited 1988 Pension and Life Assurance Fund agreed the swaps, worth £600 million in liabilities, with Zurich Assurance Limited, according to an August 31 statement from Mercer, lead adviser to the schemes' trustees.