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Monsanto Pension Plan completes buy-in with Scottish Widows

Monsanto Pension Plan completed a £100 million ($129.4 million) buy-in with Scottish Widows.

The sponsoring employer is Pharmacia Ltd., Sandwich, England, part of Pfizer Inc.

The deal covers about 150 participants, said a news release from Scottish Widows. Ian Aley, head of transactions at Willis Towers Watson, one of the advisers to the trustee of the Monsanto plan on the deal, said the transaction covers about one-third of retiree liabilities.

The deal is the first buy-in for the £525 million Monsanto Pension Plan, and the risk of future deflation has been retained by the pension fund.

“This buy-in is the result of significant work by the trustee over the last six months,” said Nita Tinn, chairwoman of the trustee board of the Monsanto Pension Plan, in the news release.

The trustees were advised by Willis Towers Watson, Aon Hewitt, and Slaughter and May. Scottish Widows was advised by Pinsent Masons.

“The bulk annuity market has experienced a strong start to 2017, with a number of pension schemes seeking to conclude similar deals over the coming months driven by the current favorable market pricing,” said Matt Wiberg, specialist bulk annuity adviser at Willis Towers Watson, in the same release.

Further details on the plan could not immediately be learned. Spokesmen for Pfizer could not be reached for comment.