QinetiQ publishes on its website:
“QinetiQ Group PLC (QinetiQ or the Group) today announces that the QinetiQ Pension Scheme (the Scheme) has completed its first bulk annuity insurance buy-in for approximately £690m.
Scottish Widows were selected for the buy-in following a competitive process. The agreement covers approximately 33% of the Scheme’s liabilities.
The buy-in removes longevity, interest rate, and inflation risk for a proportion of the Scheme and is in line with the Group’s strategy of de-risking the pension liabilities. As a result of the transaction, the accounting pension surplus recorded on the Group’s balance sheet will reduce by an estimated £120m with no related cash impact.
LCP acted as lead adviser on the transaction. Legal advice was provided to the Scheme by Gowling WLG and to Scottish Widows by CMS.”
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