The Institution of Engineering and Technology Superannuation and Assurance Scheme, Stevenage, England, insured £50 million ($66 million) in liabilities through a buy-in with Pension Insurance Corp., a spokeswoman at Hymans Robertson, the pension fund's consultant said.
The transaction was the second buy-in for the £150 million pension fund, which did a £30 million buy-in in 2015.
"The trustees are pleased to have now secured buy-ins covering all of our current pensioners with a regulated insurance company. The trustees were guided through an efficient and well-run process by Hymans Robertson, enabling the fund to secure a buy-in for less than our technical provisions funding reserve and thus raising (its) funding levels to improve the security of all (participants') benefits," Philip Whittome, chair of the trustees of the IET Superannuation and Assurance Scheme, said in a news release.
Mayer Brown International provided legal advice to the fund trustee.