- Defence technology company QinetiQ Group said its pension scheme had completed its first bulk annuity insurance buy-in for around £690m.

Scottish Widows was selected for the buy-in following a competitive process, the company said.

The agreement covered around 33% of the scheme's liabilities.

QinetiQ said buy-in removed longevity, interest rate, and inflation risk for a proportion of the scheme and was in line with its strategy of de-risking pension liabilities.

As a result of the transaction, the accounting pension surplus recorded on the group's balance sheet would reduce by an estimated £120m, with no related cash impact.

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