Pension Insurance Corporation plc (‘PIC’), a specialist insurer of defined benefit pension funds, has concluded a c.£40 million bulk purchase annuity with the Qantas Airways Limited (UK) Retirement Benefits Scheme (‘the Scheme’), the pension scheme of Qantas Airways Limited, as part of a long-term partnership.
This is the second buy-in completed by the Scheme with PIC and means that PIC now covers the pensions of every member of the Scheme, the first buy-in for £25 million having occurred in 2018. The second deal is a full buy-in with the remaining 62 current pensioners and 168 deferred members covered. PIC has completed more than 75 repeat transactions with existing Trustee clients, covering £15 billion of liabilities and the pensions of more than 90,000 scheme members.
PIC received legal advice from Rachel Pinto, Pensions Partner, at Herbert Smith Freehills. The Trustees were advised by Aon with legal advice from Eversheds Sutherland and Reed Smith LLP in relation to benefits.
Source