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...

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