Amey OS Pension Scheme, Oxford, England, completed a buy-in with Pension Insurance Corp., insuring about £400 million ($489 million) in liabilities.
The new deal is a partial buy-in covering the liabilities of 3,473 participants, said a PIC news release Monday.
Amey is a U.K.-based infrastructure services and engineering company, and the new transaction represents at least the second buy-in deal for the firm.
In 2016, the trustee of the pension fund purchased two separate buy-in contracts with insurer Just Retirement Ltd. to insure a total of £65 million in assets. That transaction at the time represented about 35% of total liabilities. The current asset size of the pension fund was not immediately available.
Kim Nash, sole independent trustee of the Amey pension fund and a managing director at Zedra Governance Ltd., an independent trustee services firm, said in the PIC news release that "the security of members' benefits and reducing risk were top of the Trustee's agenda and we are delighted to have partnered with PIC to achieve this excellent outcome."
Ms. Nash and a spokesman for PIC could not be immediately reached for further information.
