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Pension Funds

Siemens U.K. pension fund insures a further £1.3 billion in buy-in

Siemens Benefits Scheme, Poole, England, insured 1.3 billion ($1.7 billion) in liabilities via a buy-in deal with Pension Insurance Corp., said a spokeswoman at Aon, which acted as Siemens' adviser.

The transaction was the third risk transfer deal for the 4.5 billion pension fund, and follows 100 million and 200 million buy-ins in 2013 and 2015, respectively, both with PIC.

"We are proud of what we have achieved with this latest buy-in, which is part of Siemens' long-term pension derisking strategy. This is one of a number of U.K. defined benefit (funds) sponsored by Siemens and achieving this is a significant milestone for the company. PIC once again showed a great deal of flexibility and innovation in helping us achieve our aims," said John Smith, head of pensions at Siemens PLC, in a news release.

The trustee of the pension fund for the technology company was also advised by law firm Sacker & Partners and KPMG.