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  2. PENSION RISK TRANSFER
March 10, 2021 11:05 AM

Another buy-in made by Civil Aviation Authority

Paulina Pielichata
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    Civil aviation authority car stands on airport in Schoenefeld / Berlin on june 3, 2016
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    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.

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