Greene King, Bury St Edmunds, England, insured £50 million ($65 million) in liabilities of its Spirit (Legacy) Pension Scheme via a pension buy-in with Scottish Widows, said a spokesman for the pension fund's adviser, Aon.
The £446.5 million pension fund's first bulk annuity covers some of the fund's pensioners. Specific details were not provided. The transaction included a defined annuity structure and was advised on by law firm Eversheds Sutherland in addition to Aon. The U.K. pub retailer and brewer has an intention to secure additional bulk annuities in the future, Aon said in a release.
"The (pension fund) has progressed well on its journey to providing full and permanent benefit security, and reaching this important landmark as part of the wider plan represents good progress," Iain Urquhart, chairman of the trustees of the Spirit (Legacy) Pension Scheme, said in the release.
Greene King's spokesman declined to provide additional details.