Agfa UK Group Pension Plan, Reading, England, insured £230 million ($318 million) in liabilities in a buy-in with Phoenix Group, confirmed a spokeswoman at Hymans Robertson, lead adviser on the deal.
The buy-in is the £500 million plan's first risk transfer transaction and covers 70% of retiree liabilities.
"I am delighted that we have been supported by Agfa, and our advisers Hymans, to enable to us to reach a buy-in agreement with our chosen provider Phoenix Life. The partnership with Phoenix allows us to take the next step in our de-risking strategy," Tom Clark, chairman of trustees at Agfa UK Group Pension Plan, said in a news release Wednesday.
The pension fund's plan sponsor, Agfa-Gevaert, a global software and imaging products manufacturer, provided additional funding to facilitate the buy-in in efforts to increase the long-term security of all benefits, the release said.
