Baker Hughes (U.K.) Pension Plan, London, completed a £100 million ($129 million) buy-in with Just Group, a news release said Wednesday.
The deal is the first pension risk transfer transaction for the £1.4 billion pension fund, said a spokesman for Willis Towers Watson, adviser to the trustees on the deal. CMS also advised the trustees.
"We are grateful to our advisers navigating us through the process to achieve a successful outcome, with provider selection and execution running seamlessly, all whilst in the early stages of lockdown and the logistical challenges this brought," Venetia Trayhurn, chair of the trustees and director at Law Debenture, said in the Just Group news release.
Baker Hughes, the sponsoring employer, is an energy technology company.