RM PLC, Abingdon, England, agreed to a buy-in with Pension Insurance Corp. to insure 13% of the liabilities of the company's defined benefit plan, said a news release from PIC.
The education company's defined benefit plan, the Research Machines PLC 1988 Pension Scheme, was closed on Jan. 1, 2003, and frozen on Oct. 31, 2012. According to the most recent available annual report, the pension fund had £130 million ($208 million) in assets and £150 million in liabilities as of Nov. 30, 2012.
RM is paying a £30.7 million premium.
RM spokesman Danny Wong and PIC spokesman Fern Hammond could not provide further information by press time.