Pilkington Superannuation Scheme, Lancashire, England, completed a £230 million ($301 million) pension buy-in with Pension Insurance Corp.
The pension plan referred questions to PIC. A news release obtained by Pensions & Investments said “the scheme benefited from the rise in the value of gilts and exchanged them for a buy-in policy.”
“We had to move quickly to secure the buy-in in the light of current volatile markets,” Keith Greenfield, chairman of the trustee company, said in a statement.
The pension plan had £1.64 billion in assets and a funded status of 93% as of Dec. 31, 2014, according to its most recent annual report. The trustee of Pilkington Group is a multinational glass manufacturing company and a wholly owned subsidiary of Japan-based Nippon Sheet Glass. The lead adviser to the trustee on the transaction was Aon Hewitt.
“There has been a tangible increase in interest from trustees in buy-ins since the Brexit referendum and PIC have completed a number of transactions over the past few weeks and expect more to follow,” the release said.