Pension schemes are looking for ways to protect against the risk of people living longer. A study looked at how a pension scheme can use a special type of bond, called a longevity bond, to manage this risk. The scheme manager invests in different assets, including the longevity bond, to ensure members can get lifetime annuities when they retire. By analyzing different investment strategies, the study found that using longevity bonds can help pension schemes better handle the risk of people living longer.