Legal & General Group Plc has announced on Thursday (13) that it has completed a £4.4 billion buy-in for British Airways PLC’s pension scheme, Airways Pension Scheme (APS), covering nearly 22,000 pensioners.
This is the largest ever bulk annuity policy arranged with a UK pension scheme and also included the conversion of existing longevity insurance into a bulk annuity.
As announced at the half-year results, the UK pension risk transfer (PRT) market continues to demonstrate a high level of activity with Legal & General actively quoting on more than £20bn, of which more than £7bn were in exclusive negotiations at the time. Since then, Legal & General has completed £4.8bn of UK PRT transactions, including the APS buy-in, and is now actively quoting on £27bn of UK PRT deals. Additionally Legal & General has continued to show strong momentum in International PRT, completing £191 million of transactions since the end of June.
In aggregate, Legal & General has completed £6.0bn of global pension de-risking transactions year to date (UK PRT: £5.3bn, International PRT: £0.4bn, Longevity Insurance: £0.3bn). The financial metrics and Solvency II capital strain of these transactions are in line with previous levels reported by Legal & General.
“This transaction also included the conversion of existing longevity insurance to a bulk annuity, demonstrating Legal & General’s ability to deal with a complex situation and offer innovative solutions drawing on the broad experience and capabilities of the wider Legal & General Group,” said Laura Mason, CEO Legal & General Retirement Institutional.
Ghost Directors charge illegal workers to keep shops registered in their name.
Shops were selling below the average UK price.iStock 
Asylum workers are working illegally for poverty wages - representative image.iStock 
