Rolls-Royce strikes deal with Legal & General to move £4.8 billion of assets

Rolls-Royce has made a deal to transfer pension risk liabilities to Legal & General. The deal covers the transfer of assets and liabilities relating to approximately 33,000 pensioners who are members of the Rolls-Royce UK pension fund out of a total of 76,000 members. The transaction will fully insure benefits payable from the fund and provide permanent security for pensioners, while reducing the group’s post-retirement obligations by around £4.1 billion. The residual obligations, which remain well funded, will be smaller with less risk for the trustee and Rolls-Royce to manage in the future. Pensioners included in the transfer will have