PA Pension Scheme, London, insured £850 million ($1.1 billion) in liabilities through a buyout transaction with Pension Insurance Corp., said a spokeswoman at PA Consulting, a technology and innovation consulting firm.
Aon advised PA Consulting's pension fund on the bulk annuity deal. The pension fund's assets were of similar scale to the liabilities, the spokeswoman said. She would not be more specific. Terms of the buyout could not be learned.
"This project has achieved the outcome we really wanted," said Kully Janjuah, group company secretary at PA Consulting. "By a collaborative approach from all parties, we have been able to secure a deal which no one imagined possible at the outset. The Aon team has been fully involved in all aspects of the process and we are very pleased at the support and advice that they have provided throughout."
John Baines, partner and head of bulk annuities at Aon, also said in the release: "Securing this transaction at a much lower cost than was anticipated at the start of our involvement, is an outstanding result. The innovative structure to integrate member options within an insurance transaction allowed attractive terms to be locked in much more quickly than is normal."