Miki Travel Ltd. Pension & Assurance Scheme, London, entered into a pension buyout with Pension Insurance Corp., covering £45 million ($75.9 million) of liabilities.
The buyout covers 100% of the liabilities, said a PIC spokesman. The plan is frozen.
Trustees of the pension fund, whose sponsor Miki Travel Ltd. provides wholesale travel services to European and Japanese tourists, were assisted by Jelf Employee Benefits in the buyout process.
The size of the pension fund could not be learned by press time.
“Corporate sponsors … are progressing their derisking strategies with the ultimate aim of settling the liabilities through an insurance buyout,” said Jay Shah, co-head of business origination at PIC, in the news release. “We worked closely with the scheme's sponsor, the scheme's trustees and their advisers to achieve the right result for them.”
Spokesmen for Miki, its pension fund and Jelf could not be reached for comment by press time.
