PIC completes £40m buy-in with Qantas Airways pension scheme

Written by Adam Cadle

24/07/2023

PIC has completed a £40m buy-in with the Qantas Airways Limited (UK) Retirement Benefits Scheme, covering all remaining uninsured members within the scheme.

The buy-in was completed as part of a long-term partnership with PIC, following on from a previous £25m buy-in in 2018, meaning that PIC now insures the pensions of every member of the scheme.

PIC received legal advice from Herbert Smith Freehills pensions partner, Rachel Pinto, while the trustees were advised by Aon, with legal advice from Eversheds Sutherland and Reed Smith LLP in relation to benefits.

PIC head of business development, Mitul Magudia, highlighted the deal as a demonstration of how smaller schemes can access competitive insurer pricing with attractive terms if they prepare and approach the market in the right way.

“PIC is really pleased to have had the opportunity to work with the trustees and Qantas Airways Limited again to significantly de-risk this scheme, providing greater security to all their members for the long-term," Magudia continued.

"We have the flexibility and scale to offer solutions to well-prepared schemes of all sizes that approach the market using well-governed processes.”

Related Articles