ICI Pension Fund, London, completed a £70 million ($91.2 million) buy-in with Legal & General, its ninth deal with the insurer.
The transaction covered the most recent retirees, about 250 participants, who had retired in a six-month window, said Charlotte Quarmby, a partner in the derisking team at Lane Clark & Peacock, adviser to the trustees.
The £10.3 billion pension fund, which is sponsored by global paints and coatings company AkzoNobel, has insured £5.8 billion of liabilities with Legal & General.
The most deals with Legal & General operated under an "umbrella" structure, which enables buy-ins to be executed quickly and efficiently, Ms. Quarmby said. This buy-in was "purely opportunistic and was initiated once attractive pricing had been seen in the market."