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LONDON, Feb 10 (Reuters) - British insurer Legal & General
has agreed a pensions buy-in deal totalling around 370
million pounds ($501 million) with London Heathrow's BAA Pension
Scheme, L&G said on Thursday.
The buy-in, a form of bulk annuity deal in which an insurer
takes on the risk of a company's defined benefit, or final
salary, pension scheme, covers more than 1,400 BAA pensioners,
L&G said in a statement.
It follows a 325 million pound buy-in in 2018 by L&G for
another 1,300 members of the BAA Pension Scheme.
Companies are seeking to offload defined benefit schemes
from their balance sheets because they are expensive to run.
Bulk annuity deals, meanwhile, are providing an increasing
source of income for insurers.
Britain's airports have been buffeted through the COVID-19
pandemic by waves of infections and travel restrictions that
were often introduced at short notice.
($1 = 0.7379 pounds)
(Reporting by Carolyn Cohn;Editing by Elaine Hardcastle)
