Fremantle Group Pension Plan, London, has completed a pension insurance buy-in with Pension Insurance Corp., said Mark Riddleston, group finance director at FremantleMedia.
The deal covers about £47 million ($79.2 million) of pension liabilities. Mr. Riddleston declined to disclose the percentage of total liabilities that the deal represents and the total size of the pension fund.
“The buy-in is the next stage in our derisking plan,” Mr. Riddleston said in a news release from PIC. “This has been a collaborative and positive process that has allowed all parties to reach their desired goals. From the company’s perspective, locking down risk and removing volatility was key, whilst also making sure that members benefited from the enhanced security for their pensions (which) is afforded by the insurance regime.”
The pension fund trustee and FremantleMedia were advised by KPMG in the U.K.
FremantleMedia creates, produces and distributes television brands across the world.