Pension Insurance Corporation (PIC) has completed a £60m buy-in deal for the Civil Aviation Authority's defined benefit (DB) scheme.
The agreement will cover a section of current pensioner members of the quasi-public sector scheme, which was established by parliament in 1972.
The deal, which is part of the scheme's phased approach towards full buyout, was advised by Aon Hewitt and Reed Smith.
Trustee board chairman Joanna Matthews said the transaction takes the scheme one step closer to achieving the long-term aim of fully de-risking.
"It is great to work again with PIC, who demonstrated strong financial credentials, excellent customer service and competitive pricing," he said. "I am glad that all our members will benefit from the increased security that this insurance contract brings."
PIC head of origination structuring Uzma Nazir explained a phased approach to de-risking has become a popular choice for many schemes, due to the speed and relative ease at which such transactions can be completed.
"We are really pleased to continue our relationship with the trustees in this latest transaction with the scheme, a very positive outcome for members," she said.
Aon risk settlement group partner Paul Belok, said: "Following on from the previous transactions totalling £1.7bn, this transaction fits with the scheme's policy of seeking opportunities to de-risk over a period of time, using a phased approach to annuitisation.
"We monitored a number of key metrics through a quarterly dashboard, to determine when the time was right to go to market, and have been able to transact efficiently using previously agreed terms."
The bulk annuity market is on track to smash all records after a busy first half of the year, with consultants predicting total pension scheme buy-in and buyout volumes to reach around £18bn in 2018.
Aviva Life & Pensions has concluded an £875m buy-in with its own staff pension scheme, following on from a similar transaction last year.
Just Group has completed a £74m pensioner buy-in with the UK pension scheme of a US-listed engineering business.
The Smiths Industries Pension Scheme has secured a £146m buy-in with Canada Life in its fourth bulk annuity and its sponsor’s tenth overall.
The Prudential Staff Pension Scheme has entered into a £3.7bn longevity swap with Pacific Life Re, insuring the longevity risk of over 20,000 pensioners.
The Baker Hughes (UK) Pension Plan has secured approximately £100m of liabilities through a buy-in with Just Group.