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\t\tRolls-Royce was the second best performer in the FTSE 100 in 2024.\t<\/p>\n\t\t\tSunday 10 August 2025 1:31 pm
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\t\t\tSunday 10 August 2025 1:34 pm\n\t<\/p>\n
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\t\tRolls-Royce was the second best performer in the FTSE 100 in 2024.\t<\/p>\n
Rolls-Royce has sealed a \u00a34.3bn deal with insurance specialist Pension Insurance Corporation (PIC) to offload its UK pension scheme as the engineering giant<\/a> presses ahead with simplifying its balance sheet.<\/p>\n The deal, which was announced on Sunday, covers the remaining pension obligations of 36,000 members \u2014 including 15,000 current pensioners and 21,000 deferred members \u2014 and marks the largest pension risk transfer in the UK this year.<\/p>\n It comes as the Tufan Erginbilgic, chief executive of the FTSE 100 darling, moves to slim down the company\u2019s operations in a bid to boost profitability. The disposal of the UK scheme helps remove a key source of financial drag weighing on the giant.<\/p>\n Helen McCabe, Rolls-Royce Chief Financial Officer. \u201cWe are proud to have been able to fully fund and secure the pension promises made to colleagues, former colleagues and their families. This deal is also another step on our journey towards simplifying Rolls-Royce.\u201d<\/p>\n Rolls-Royce to inspire more deals<\/p>\n The buy-in allows the firm to transfer pension liabilities to an insurer in exchange for a one-time premium \u2014 with the insurer taking over the responsibility of paying members\u2019 benefits. Similar deals have come as the rising interest rate environment turbocharged the UK\u2019s pension buyout market, making it more affordable for companies to strike such deals.<\/p>\n Mitul Magudia, PIC\u2019s Chief Origination Officer, said the transaction was \u201cinnovative\u201d and rooted in shared values with the Trustee.<\/p>\n Rolls-Royce has raised its profit guidance on July 31<\/a> after a \u201cstrong start to the year\u201d where revenue soared by almost \u00a31bn.<\/p>\n The group reported an underlying pre-tax profit of \u00a31.68bn for the first half of its financial year, up from the \u00a31.03bn it posted for the same period in 2024.<\/p>\n The results came after Rolls-Royce\u2019s shares passed the \u00a310 mark\u00a0for the first time in its history earlier in July.<\/a><\/p>\n \t\t\t\t\tRead more<\/p>\n