Civil Aviation Authority Pension Scheme, London, insured £110 million ($152 million) in liabilities for a section of its plan via a buy-in with Legal & General Assurance Society, a spokesman confirmed.
The £2.4 billion CAA section has now insured all of its pensioner liabilities, the spokesman confirmed.
The overall plan, which has £7.9 billion in assets, and Legal & General have agreed an umbrella contract under which future risk transfer deals for the section could be conducted.
"This transaction takes us a step closer to achieving our long-term aim of derisking the CAA section of the scheme. We are delighted to expand our relationship with the Legal & General Group, who demonstrated flexibility to meet our needs along with competitive pricing," Joanna Matthews, chairman of trustees, said in the release.
The pension fund has previously completed three buy-ins for the CAA section: a £60 million deal with Pension Insurance Corp. in 2018; a £88 million buy-in with Pension Insurance Corp. in 2017; and a £1.6 billion transaction with Rothesay Life in 2015.
The trustee was advised on the latest transaction by Aon and legal advice was provided by law firm Reed Smith. Legal & General was advised by law firm CMS Cameron McKenna Nabarro Olswang.