9 Mar 2021
Legal & General agrees a c.£110 million buy-in with the Civil Aviation Authority Pension Scheme
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a c.£110 million buy-in transaction with the CAA Section of the Civil Aviation Authority Pension Scheme (CAAPS) (“the Scheme”).
This transaction marks the Scheme’s first Pension Risk Transfer (PRT) transaction with Legal & General and has been established as an umbrella contract, to enable smooth facilitation of any future transactions.
The Scheme has a long-standing relationship with Legal & General, as Legal & General Investment Management (“LGIM”) has managed various CAAPS assets for more than 30 years.
The Trustee was advised on the transaction by Aon and legal advice was provided by Reed Smith. Legal advice was provided to Legal & General by CMS.
I am pleased we were able to secure the pension benefits for a long-standing Legal & General client. We look forward to working closely with the Civil Aviation Authority Pension Scheme Trustee as they continue to insure the Scheme’s remaining pension liabilities. Providing umbrella contract solutions enables pension schemes to continue moving effectively and strategically, to complete their de-risking journeys, when favourable conditions arise.
Gavin Smith, UK Head of Pricing and Execution, Legal & General Retirement Institutional
For further information, please contact:
PR & Communications Director, Legal & General Retirement Institutional
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