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By Susanna Rust2021-06-01T10:36:00+01:00
A UK pension scheme of travel agency company TUI has agreed two pension risk transfer transactions for £794m (€921m) with Legal & General Assurance Society Limited.
The deals comprise a £610m partial buy-in for the BAL section of the TUI Group UK Pension Trust, and a £184m full buy-in for the TAPS section of the scheme. There are three pension sections within the scheme.
Mike Roberts from PAN Trustees, chair of the trustee board, said the transaction had concluded at attractive pricing, closing the gap to being fully funded and providing increased security of benefits for members of the scheme.
The Allied Irish Bank (AIB) Group UK Pension Scheme has agreed a pensioner and deferred buy-in with Legal & General (L&G), converting an assured payment policy (APP).