The Rolls-Royce UK Pension Fund has completed a £4.3bn buy-in with Pension Insurance Corporation (PIC), securing all of the fund's total remaining liabilities.

LCP acted as lead transaction adviser to the trustees, while Mercer acted as scheme actuary and investment adviser. Legal advice was also provided to the fund by Linklaters.

PIC, meanwhile, received legal advice from Addleshaw Goddard as their main adviser, with additional support from Herbert Smith Freehills Kramer on aspects of the transaction.

The trustee said that maintaining the current commitment to high levels of customer care and support was a key focus during the transaction, which covers 36,000 people, including 15,000 pensioners and 21,000 deferred members.

"We have invested significant time and effort over a number of years to provide our members with exceptional customer service," Rolls-Royce UK Pension Fund trustee chair, Liz Airey, explained.

"It was critical for us that we selected an insurer to secure our members’ pensions which is able to continue this.

"We are really delighted that PIC, which has a long track record of excellence in customer service, brought us such a strong proposition. We feel our members are in safe hands."

Rolls-Royce CFO, Helen McCabe, also highlighted the deal as a "win-win" for all stakeholders, stating: "We are proud to have been able to fully fund and secure the pension promises made to colleagues, former colleagues and their families.

"This deal is also another step on our journey towards simplifying Rolls-Royce."

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