Glasgow City Council has completed a deal with pension insurer Pension Insurance Corporation (PIC), to help fund its equal pay settlement
In January, the council abandoned its attempts to fend off a legal claim that it had not paid women employees equally and agreed to pay claimants £548m.
The deal will see PIC invest £195m of debt finance in the council’s City Property Glasgow Arm, secured on five properties including the city’s Royal Concert Hall and Riverside Museum.
The council struck a similar deal worth £285m with Legal & General earlier this year.
