The British American Tobacco (BAT) UK Pension Fund has completed a £400m buy-in with Pension Insurance Corporation (PIC) to bring the total liabilities it has insured by the insurer to £3.8bn.
The transaction follows an initial buy-in covering £3.4bn of liabilities in May 2019 — PIC's largest to date. Three quarters of the liabilities insured in BAT's deal with PIC today (29 July) rel...
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