Hays Pension Scheme, Crawley, England, insured £271 million ($345 million) in liabilities in a buy-in with Canada Life Financial, a spokesman at the U.K. recruitment firm said.
"Hays Pension Trustee, in agreement with Hays PLC, entered into a bulk purchase annuity policy contract with Canada Life in respect of insuring all future payments to the existing pensioners of the Hays defined benefit fund as at Dec. 31, 2017," the spokesman said in an emailed statement.
The pension buy-in transaction was funded through existing investment assets held by the trustee on behalf of the pension fund, the spokesman added.
The £800 million pension fund had a £71 million deficit as of June 30, 2017.
