• Thursday, August 11, 2022

Business

Legal & General Completes £4.4 Billion British Airways Pension Deal

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 covering nearly 22,000 pensioners. (Photo by Marcio Rodrigo Machado/S3studioGetty Images).

By: Radhakrishna N S

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…

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