Arqiva Defined Benefit Pension Plan, Winchester, England, has agreed to a £204 million ($256 million) full buy-in with Pension Insurance Corp., according to a news release.
The deal is intended to secure the pension benefits of both deferred and retired participants of the plan, which is sponsored by Arqiva Ltd., a U.K. telecommunications company, made up of 589 retirees and 215 deferred participants.
“I’m delighted that we have successfully completed this buy-in, which insures the benefits of all our plan members," said Tom O’Connor, chair of the board of trustees of the Arqiva plan, in the news release. "I am grateful for PIC’s work in achieving this outcome. Our members have been at the forefront of our mind throughout this process, so communication has been a key consideration.”
Arqiva currently transmits from 1,450 radio and TV broadcast sites across the U.K.
PIC received legal advice from Herbert Smith Freehills for the deal with Arqiva.
