The British American Tobacco (BAT) UK Pension Fund has completed a £3.4bn buy-in with Pension Insurance Corporation (PIC), the largest buy-in transaction including pensioner and deferred members.
The agreement is the third biggest insurance-based risk reduction transaction in the UK after Legal and General's £4.6bn buyout of Rolls-Royce UK Pension Fund in June, and the Airways Pension Schem...
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