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Alcatel-Lucent enters into second buy-in for U.K. pension plan

Alcatel Lucent

Alcatel-Lucent Pension Scheme, London, completed a £100 million ($123.7 million) buy-in with Pension Insurance Corp., said a spokeswoman for Aon Hewitt, the plan’s adviser.

The buy-in covers some participants in the Lucent component of the plan, which has £350 million in assets. In late 2015, the pension plan insured £305 million of liabilities with Aviva in late 2015, covering participants in the Alcatel portion of the plan, which has £800 million in assets.

“We are delighted to have been able to complete this well timed and speedily executed buy-in as part of our derisking program,” Martin Couzens, trustee chairman of the plan, said in a news release.

Aon Hewitt acted as settlement adviser on the transaction.

Dominic Grimley, principal consultant and risk settlement adviser at Aon Hewitt, added in the release: “It was very rewarding to transfer risk within weeks of identifying the opportunity.”

Alcatel-Lucent is based in France.