Home Business News Rolls-Royce secures £4.6bn pension deal

Rolls-Royce secures £4.6bn pension deal

by LLB Reporter
6th Jun 19 11:16 am

Rolls-Royce the engine maker has offloaded £4.6bn chunk of their pension scheme to Legal & General which covers 33,000 of their members, the biggest deal of its kind.

In total Rolls-Royce covers 76,000 pensions in total said the remaining pension assets will offer “smaller with less risk” for the group.

Joel Griffin, head of global pensions and benefits at Rolls-Royce said, “This agreement will result in increased security for Rolls-Royce pensioners and reduced risk for our business.

“Legal & General is one of the world’s leading insurance companies and as a result of this deal the provision of benefits will be governed by stringent funding requirements, resulting in a secure pension environment for our pensioners.”

Laura Mason, chief executive of Legal & General institutional retirement said, “The scale of the transaction provides further opportunities for us to invest directly in the UK economy and make a positive difference in our towns and local communities.”

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