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Pension Risk Transfer

Peugeot pension fund insures liabilities with buy-in

The Peugeot three-dimensional Lion logo sits on the front grill of a Peugeot automobile.

Peugeot Advanced Pension Plan, Coventry, England, insured 140 million ($182 million) in liabilities through a buy-in with Scottish Widows, said Ian Aley, managing director and head of transactions at Willis Towers Watson, adviser on the deal, in a telephone interview.

In its first risk transfer deal, the pension fund has covered all of plan participants' liabilities, Mr. Aley said.

"This full buy-in is the culmination of many years' work by the trustee to derisk the plan. Scottish Widows presented an attractive deal which provides comfort to the trustee in regard to the security of members' benefits and certainty of overall cost," said Geoff Benney, trustee director of the pension fund, in a news release.

Other advisers to the pension fund were Gowling WLG, Aon, Natixis and Sackers. Herbert Smith Freehills advised Scottish Widows.