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Legal & General Group closes £325M buy-in with Heathrow's pension scheme

Legal & General Group PLC has completed a £325 million buy-in with BAA Pension Scheme, the pension scheme of London's Heathrow Airport.

The transaction was accompanied by an investment in a £160 million bond issued by the airport to Legal & General Group.

KPMG, Mercer, Redington and CMS served as advisers to BAA Pension Scheme and the airport on the buy-in deal, which is an insurance policy that covers a proportion of a defined benefit pension scheme's liabilities.