Legal & General, the UK insurer, announced a £1.8 billion longevity-swap deal with BAE Systems this morning — the third such pensions transaction announced in the past fortnight.
BAE Systems previously covered £3.2 billion of its pensions liabilities against rising life expectancy with Legal & General in February this year. That transaction related to the BAE Systems 2000 Plan, the largest of the defence group's pension schemes.