One of the UK’s oldest private equity groups, 3i, has offloaded responsibility for most of its staff pension fund to the insurer L&G,
in a sign that the market for such transactions is in good health despite disruption caused by Covid-19.

The £650m deal, announced on 27 May, follows two previous transactions that lifted out sections of the pension fund. One was
with Pension Insurance Corporation (PIC) in 2017 and a second with L&G in 2019. The fund is now fully insured and 3i should have to take no further responsibility for paying pensions to former staff.