Rolls-Royce has sold its UK pension fund to Pension Insurance Corporation (PIC) for £4.3bn, PIC said on August 11, 2025. The transaction covers the fund's total remaining liabilities, comprising the pension of 36,000 people.
“This is a win-win for all our stakeholders. We are proud to have been able to fully fund and secure the pension promises made to colleagues, former colleagues and their families," said Rolls-Royce CFO Helen McCabe. "This deal is also another step on our journey towards simplifying Rolls-Royce."
Rolls-Royce UK Pension Fund chair of trustees Liz Airey commented: “We have invested significant time and effort over a number of years to provide our members with exceptional customer service. It was critical for us that we selected an insurer to secure our members’ pensions which is able to continue this.”
LCP acted as lead transaction adviser to the trustees. The fund received legal advice from Linklaters. Mercer acted as scheme actuary and investment adviser. PIC received legal advice from Addleshaw Goddard as their main adviser, with support from Herbert Smith Freehills Kramer on aspects of the transaction.