Risk watch: A roundup up of the latest derisking transactions, including the Air Canada (UK) Pension Trust Fund’s £380mn buy-in with Pension Insurance Corporation, and the Keysight Technologies UK Limited Retirement Benefits Plan’s £58mn deal with Just Group.
Air Canada derisks UK DB scheme
The Air Canada (UK) Pension Trust Fund has signed a £380mn buy-in with Pension Insurance Corporation. The transaction, which was completed in 2021, secures the benefits of approximately 1,400 members, 40 per cent of which are deferred members. Wayne Phelan, chief executive of Punter Southall Governance Services, the scheme’s trustee, said: “Securing these benefits for our members has been a long-term priority for the trustee for many years.” The scheme is one of several defined benefit pension funds operated by the Canadian airline. Other arrangements include eight Canadian plans, one US plan and one Japanese plan.
This article originally appeared on MandateWire.com
Electronics company scheme signs second buy-in
The Keysight Technologies UK Limited Retirement Benefits Plan is continuing along its derisking journey with the completion of a £58mn buy-in with Just Group. This latest buy-in, signed in December last year, is the scheme’s second transaction with Just as part of its phased derisking strategy. It follows a £250mn buy-in secured earlier in 2021. Together, the two transactions have secured the liabilities of all 900 of the scheme’s pensioner members. Nick Johnson, chair of trustees, said: “As we implemented an umbrella contract as part of the first transaction with Just, we were able to take advantage of favourable market conditions to go ahead with this second transaction.” The trustees were advised by WTW, Linklaters and Mercer, while Just received legal advice from Pinsent Masons.
This article originally appeared on MandateWire.com
