The buy-in covers some participants in the Lucent component of the plan, which has £350 million in assets. In late 2015, the pension plan insured £305 million of liabilities with Aviva in late 2015, covering participants in the Alcatel portion of the plan, which has £800 million in assets.
“We are delighted to have been able to complete this well timed and speedily executed buy-in as part of our derisking program,” Martin Couzens, trustee chairman of the plan, said in a news release.
Aon Hewitt acted as settlement adviser on the transaction.
Dominic Grimley, principal consultant and risk settlement adviser at Aon Hewitt, added in the release: “It was very rewarding to transfer risk within weeks of identifying the opportunity.”
Alcatel-Lucent is based in France.