Rolls-Royce has completed a £1.1 billion pension buyout for its Vickers Group pension scheme.
The £1.1bn buyout transaction with Legal and General covers more than 11,000 members of the pension scheme, which is part of the Rolls-Royce Group. Rolls-Royce acquired engineering organisation Vickers in 1999.
The buyout forms part of the pension scheme’s de-risking process. The Vickers Group pension scheme has now achieved a full buyout.
Mercer served as advisor to the pension scheme.
Joel Griffin, head of pensions at Rolls-Royce, said: “This is a great testimony to the work of the trustees, their advisors and the [organisation] who have worked collaboratively over many years to ensure that this scheme is well funded with a prudent investment strategy. This has ultimately enabled us to deliver this excellent outcome for former Vickers employees.”