Kingfisher Pension Scheme, London, insured about £200 million ($285 million) in pension liabilities with Pension Insurance Corp., said John Baines, partner at Aon Hewitt, the pension fund's consultant.
The £3.6 billion plan has insured £430 million in liabilities to date, following its second buy-in transaction. The international home improvement company's pension fund previously completed a buy-in transaction in 2015 with Legal & General, which covered £230 million in liabilities.
"This is another important step for the Kingfisher Pension Scheme on its journey towards its target of self-sufficiency," said Clive Gilchrist, chairman of trustees, said in a news release. "The annuity provides a further improvement to the financial security of the scheme for all (participants)."
Mr. Baines added in the release: "The trustees were able to secure a valuable price lock to immunize the scheme from market movements over a potentially volatile year-end period."