British American Tobacco fund completes third buy-in with PIC

£250m deal means PIC has now insured all £4.1bn of the BAT scheme’s liabilities

Jonathan Stapleton
clock • 2 min read
BAT's London HQ, Globe House. Image: BAT
Image:

BAT's London HQ, Globe House. Image: BAT

The British American Tobacco (BAT) UK Pension Fund has concluded a third buy-in with Pension Insurance Corporation (PIC) insuring £250m of liabilities.

PIC has now insured all £4.1bn of the fund's liabilities, covering the pensions of all 10,000 members. The BAT scheme and PIC had formed a strategic partnership at the outset to provide a strong...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions
member?

Login

More on Risk Reduction

Most schemes looking to fixed-income endgame solutions

Most schemes looking to fixed-income endgame solutions

Larger schemes prefer low dependency, while one in five consider employer surplus return

Jasmine Urquhart
clock 04 March 2024 • 2 min read
Greenhous Group scheme completes £19m buy-in with Just Group

Greenhous Group scheme completes £19m buy-in with Just Group

Transaction secures the benefits for 32 pensioners and 213 deferred members

Martin Richmond
clock 04 March 2024 • 2 min read
PPF publishes public sector consolidator design document

PPF publishes public sector consolidator design document

PSC will allow entry to schemes in deficit and be legally separate from other PPF funds

Jonathan Stapleton
clock 01 March 2024 • 4 min read
Trustpilot