German car maker BMW is set to announce a deal on Monday to offload 3 billion pounds ($4.62 billion) of longevity risks from its UK pension scheme to Deutsche Bank , the Financial Times reported.

The German bank's insurance subsidiary Abbey Life will carry out the deal, which was structured with British pension insurer Paternoster, the paper said.

No one at Deutsche Bank or BMW could immediately be reached for comment.

BMW's defined benefit pension fund had 4.4 billion pounds in liabilities and a 584 million deficit according to its last valuation report in April 2007.

(Reporting by Caroline Copley; Editing by Bernard Orr)

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