London-based Arcadia Group Pension Scheme and Arcadia Group Senior Executive Pension Scheme insured £850 million ($1 billion) in liabilities through a buy-in with Aviva, a spokeswoman confirmed.
The latest deal covers the benefits of 8,800 plan participants. The trustees were able to secure benefits above the Pension Protection Fund levels.
Arcadia went into administration in 2020, sending its pension funds for the Pension Protection Fund's assessment. The PPF is a lifeboat fund for defined benefit plans of insolvent employers in the U.K.