The Civil Aviation Authority (CAA) has completed a £60m buy-in with Pension Insurance Corporation, its second pension buy-in with the company.

It follows a buy-in for the CAA that took place in January 2017, covering £90m of the scheme’s liabilities. 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 and air traffic controllers, as well as other bodies.

CAA chair of the trustees Joanna Matthews said the transaction takes the scheme a step closer to achieving its long-term aim of derisking the scheme.

“It is great to work again with PIC, who demonstrated strong financial credentials, excellent customer service and competitive pricing. I am glad that all our members will benefit from the increased security that this insurance contract brings,” she said.

PIC head of origination structuring Uzma Nazir said: “We are really pleased to continue our relationship with the trustees in this latest transaction with the scheme, a very positive outcome for members.

“A phased approach to de-risking has become a popular and practical choice for many schemes, due to their relative ease and the speed at which they can be conducted. It has been an incredibly busy market so far and we expect this to continue into the second half of the year.”

The trustees were advised by Aon, with legal advice provided by Reed Smith.

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