InterContinental Hotels Group PLC, Denham, England, has completed a buyout of its U.K. pension fund with Rothesay Life, confirmed Nita Tinn, director at Independent Trustee Services, a trustee of the pension fund.
Mercer, the plan's actuarial consultant, assisted with the buyout.
Ms. Tinn said in a telephone interview that the buyout of the plan, which had about £437 million ($679 million) in assets and £440 million in liabilities, was part of the long-term strategy of the company.
The pension fund had been closed to new employees for quite some time and was closed to benefit accruals in July, Ms. Tinn said.
The transaction was completed on Aug. 15, Ms. Tinn said.