CDC Pensions Scheme, London, committed its £370 million ($619 million) in assets to a pension “buy-in” with Rothesay Life, CDC spokeswoman Miriam de Lacy confirmed.
In the deal, the plan will swap proceeds from its £370 million corporate bond portfolio for a commitment from Rothesay Life to pay pension liabilities.
Rothesay Life, a subsidiary of Goldman Sachs, was selected after a competitive bidding process. The firm insured nearly £2 billion of pension liabilities for pension funds sponsored by RSA Insurance Group in July.
CDC is a U.K. government-owned £2.7 billion emerging markets development firm. The firm makes indirect investments to help build wealth in poorer countries, according to its website.