The trustee of the Civil Aviation Authority (CAA) pension scheme has completed a £90m buy-in with the Pension Insurance Corporation.

The CAA is a public corporation and was established by parliament in 1972 as an independent specialist aviation regulator and provider of air traffic services. The CAA regulates active professional and private pilots, licensed aircraft engineers, air traffic controllers as well as other bodies.

The buy-in covers a section of the current pensioner members of the scheme and the trustee was advised by Aon Hewitt and Reed Smith.

CAA chair of the trustee Joanna Matthews said: “We are pleased to have been able to complete this buy-in with PIC as the next step in our long-term de-risking strategy for the Scheme. I want to thank PIC, with whom we chose to transact on the basis of their competitive pricing, strong financial position, proactivity and responsiveness. I would also like to thank our advisors, Aon and Reed Smith, for their help and advice.”

PIC head of origination structuring Uzma Nazir added: “We are delighted to have been able to help the trustee complete this transaction. It demonstrates again that trustees increasingly see a pensioner buy-in, typically backed by gilts, as a very straightforward transaction and a natural part of their scheme’s evolution.”

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