Reach PLC, London, agreed a £120 million ($168 million) buy-in with Rothesay for its West Ferry Printers Pension Scheme.
The pension fund's sponsor made a £9.6 million payment into the pension plan in February, enabling the trustees to complete a bulk annuity, Reach's annual report said Monday.
The deal covers all 263 participants, John Pannett, chairman of the trustees, said in a news release by Rothesay.
Rothesay said the deal is unusual since more than 90% of liabilities in the fund relate to deferred retirees, which it said makes the liabilities "particularly long-dated."
Lane Clark & Peacock acted for the pension fund while Simmons & Simmons provided legal advice to the trustees. Willis Towers Watson advised Reach.
As part of media group Reach's decision to close its Luton, England, printing plant, it had previously agreed with the trustees to make additional contributions of £5 million in 2020, with a further £15 million payment by the end of June to enable a bulk annuity deal.
The British media company publishes newspapers, including the Daily Mirror, Daily Express and Daily Star.
