Aon Retirement Plan, Farnborough, England, insured £510 million ($675 million) in liabilities for its Aon Bain Hogg Pension Scheme section, through a buy-in transaction with Scottish Widows, a spokeswoman said.
The percentage of liabilities covered by the deal could not be learned.
The Aon Retirement Plan has £4 billion in assets, while the Aon Bain Hogg Pension Scheme section has £1 billion.
"The trustee has been working with our advisers over a number of years to manage risk in the plan and enhance the security of members' benefits. We are very happy to have formed this partnership with Scottish Widows and this buy-in, completed in a very short timeframe in what has been a challenging year in financial markets, is another important step in the plan's derisking journey," Andy Kieran, chairman of trustees at the Aon Retirement Plan, said in a news release.
The trustees were advised by Aon and law firm CMS Cameron McKenna Nabarro Olswang. Scottish Widows was advised by law firm Herbert Smith Freehills.
The overall Aon plan has now conducted four retiree buy-ins in total, including two for the Aon Bain Hogg Pension Scheme section.
In 2016, the plan secured a £900 million buy-in with Pension Insurance Corp. The plan also conducted a buy-in with Rothesay and a buy-in with Just Group. Further details of the previous transactions, including dates, were not disclosed.
