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Pension Funds

Civil Aviation Authority completes another pension buy-in with PIC

An air traffic controller specialist works inside the control tower at Manchester Airport.

The Civil Aviation Authority Pension Scheme, London, completed a 60 million ($79 million) buy-in with Pension Insurance Corp., said a spokesman for the authority.

The buy-in follows a 90 million deal between the 2.3 billion pension fund and PIC in January 2017.

Details on the percentage of liabilities covered by the buy-in could not be learned by press time.

"This transaction takes us a step closer to achieving our long-term aim of derisking the scheme," said Joanna Matthews, chairwoman of trustees, in a PIC news release.

Aon advised the trustees of the pension fund. Paul Belok, partner in the firm's risk settlement group, said in the release: "Following on from the previous transactions totaling 1.7 billion, this transaction fits with the scheme's policy of seeking opportunities to derisk over a period of time, using a phased approach to annuitization. We monitored a number of key metrics through a quarterly dashboard, to determine when the time was right to go to market, and have been able to transact efficiently using previously agreed terms."