Laird Pension Scheme insured £110 million ($143 million) in liabilities in a bulk annuity deal with Rothesay Life, confirmed Tom Ashworth, consultant at Willis Towers Watson and adviser on the deal.
The transaction secures the benefits of some 940 participants in the plan, including about 570 retires and 370 deferred participants.
"The trustees were pleased to enter into this policy with Rothesay Life, which we believe to be in the best interests of members," Marion Downie, chairman of the trustees of the Laird Pension Scheme, said in a news release. "In doing so, we achieved the shared objective of the trustees and the company to secure the scheme's liabilities."
Rothesay Life was advised by law firm Gowling WLG.
The plan is expected to wind up in the first half of 2019. Further details were not available.