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."