L&G completes £4.4bn bulk annuity with BAE Systems Pension Scheme

Legal & General today announced completion of a £4.4bn bulk annuity buy-in with the BAE Systems Pension Scheme, covering a portion of the scheme’s defined benefit liabilities.

The transaction transfers £4.4bn of BAE Systems Pension Scheme liabilities to Legal & General, in what has been reported as a major de-risking move for the aerospace and defence group’s retirement plan.

Industry commentary has described the deal as a 2018 landmark transaction in the defence sector pension market, centred on the £4.4bn buy-in between Legal & General and the BAE Systems Pension Scheme.

--- Sources: https://www.legalandgeneral.com https://www.hymans.co.uk/media/hx1bbt1w/managing_pension_scheme_risk_-_h2_2019.pdf http://www.johnralfe.com/main_pages.php?page_num=9