The Former Registered Dock Workers Pension Fund, Farnborough, England, insured £725 million ($966 million) in liabilities with Pension Insurance Corp., said a spokeswoman for the pension fund's adviser, Lane Clark and Peacock.
The deal with PIC follows a £200 million buy-in transaction with Legal & General Group. The transaction was completely funded with plan assets without further contributions, according to a news release.
"We are delighted to have secured the benefits for all members in full with an established, U.K.-regulated insurance company. The trustees are grateful to their various advisers for preparing the fund to achieve this buy-in, and to PIC for dealing with the transaction so efficiently," said Ian Forrest, chairman of the trustee, in the release.
Ken Hardman, partner in LCP added in the release: "Pricing has improved markedly due to lower longevity expectations and increased insurer competition, and the fund was able to seize this opportunity."
The £725 million multiemployer pension fund was advised by Hogan Lovells, Pi Consulting, Aon Hewitt and KPMG. A spokesman could not be reached to provide further details.