British Airways offloads £4.4 bn in pension liabilities
APS is the latest in a number of large pension schemes that have entered into bulk annuity deals with financial service firms in order to help reduce risks to their funds. Other recent transactions include EMI, Boots, Littlewoods, National Grid, M&S and WPP.
According to Clark, Lane and Peacock, the total of transfer deals undertaken on the first half of 2018 was worth £7.8 billion. The latest deal means Legal & General now has the largest portfolio of pension transfers on its books of any FTSE listed company, at £5.3 billion.