M&S Pension Scheme, Sheffield, England, insured £900 million ($1.2 billion) in liabilities through a buy-in with Pension Insurance Corp., a spokeswoman at Hymans Robertson, adviser on the deal, said Thursday.
The £10.5 billion U.K. defined benefit pension fund of the Marks and Spencer retail chain previously secured two buy-in policies totaling £1.4 billion with Aviva and Phoenix Life. The pension plan was frozen in 2017.
"We're pleased to announce the purchase of these additional buy-in policies, which provide an important contribution to the trustee's ongoing objective of reducing the longevity risk in the scheme to increase the security of all members' pensions. A collaborative approach with the company together with efficient and effective advice continues to deliver well-executed and well-priced transactions," said Graham Oakley, chairman of the Marks and Spencer Pension Trust, in a news release.