The Lufthansa UK Pension Trustee has completed a bulk purchase annuity with Royal London. The £120m agreement insures Lufthansa Group’s three UK defined benefit pension schemes in one integrated transaction.
Each of the pension schemes had its own unique features but the parties worked together to run the transactions efficiently, offering bespoke contractual terms where appropriate.
“We’re delighted that Lufthansa and their UK pension trustee have placed their faith in Royal London at this stage in our BPA journey. We were clear with the trustees throughout that, as a mutual, we see brilliant customer care for their 1,200 members over the decades ahead as critically important and that appears to have resonated really well with them,” said Beatrice Male, BPA Origination Lead at Royal London.
“This transaction at the start of 2025 continues the momentum we were enjoying in 2024, and we look forward to welcoming more pension scheme trustee members to Royal London in the months ahead.”
“The trustee is delighted to have worked with Royal London to deliver long-term benefit security for our pension scheme members,” said Clive Grimley, Chair of Trustees, Lufthansa UK Pension Trustee Limited
The transaction was signed in the first week of January and received support from Cardano.
“We are very pleased to have supported the trustee of the three Lufthansa UK pension schemes to deliver a positive result for their members. This three-in-one transaction pushed the boundaries of what was thought possible in this segment of the market, demonstrating the value of buying-in the schemes together,” said Cardano’s Adolfo Aponte, Managing Director.
