Avimo Pension Scheme, Taunton, England, has completed a £50 million ($63 million) full plan buy-in with insurer Rothesay, according to a news release.
The transaction secures the benefits of all 611 plan participants, comprising 416 retirees and dependents as well as 195 deferred participants.
Avimo had previously been acquired by fellow aerospace firm Thales, which completed a £2.7 billion transaction to insure all its pension liabilities with Rothesay in December 2023. Both the Thales U.K. Pension Scheme and Avimo Pension Scheme are now fully insured with Rothesay.
“Having previously partnered with Rothesay, we were delighted to work with them again. This is a fantastic outcome, protecting the pensions of all plan members,” said James Carrell, head of U.K. compensation, benefits and pensions at Thales, in the news release.
Acting as professional trustees for Avimo during the transaction was the firm Vidett.
