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Rolls-Royce Shifts £4.6B In Pension Assets To Insurer L&G

Law360, London (June 6, 2019, 1:47 PM BST) -- Engineering giant Rolls-Royce announced Thursday it is shifting £4.6 billion ($5.9 billion) in pension assets to insurer Legal & General, joining a trend by British companies to cut back on risk to their balance sheets.

The jet-engine maker said its U.K. pension trustee has completed a deal to offload billions of pounds in pension risk liabilities to Legal & General Assurance Society Ltd, a subsidiary of Legal & General Group. The sale covers the transfer of assets and liabilities linked to approximately 33,000 retirees who are members of the Rolls-Royce U.K. Pension Fund, from a total of 76,000 members.

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