Press release

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”).

9 Mar 2021

Full press release

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.

Gavin Smith, UK Head of Pricing and Execution, Legal & General Retirement Institutional: "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."

Further information

Margrit Williams

Director of External Engagement

Legal & General Capital

Email Margrit Williams

Notes to editors

Established in 1836, L&G is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at HY24) of which c. 40% (c. £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

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