Sea Containers 1983 Pension Scheme, London, insured £187million ($264 million) of liabilities with Aviva with a bulk annuity buyout, a spokesman said.
"We are delighted to have been able to secure benefits for members above (Pension Protection Fund) compensation levels and to be in a position to wind up the scheme, some years since the scheme, together with the Sea Containers 1990 Pension Scheme, received the first financial support direction from The Pensions Regulator," said Jane Fryer, chairwoman of trustees at Link ATL Pension Trustees Ltd., an independent trustee for the pension fund, in a news release. "We feel the scheme has gained from recent competitive rates in the market."
The trustees were advised by consultant Mercer and law firm Gowling WLG. The buyout covers 750 participants.
Additional details, including the asset size of the pension plan, could not be obtained by press time.