Boots Supplementary Pension Plan, Nottingham, England, arranged a £50 million ($60.9 million) buy-in with Legal & General Assurance Society, the insurer said Friday in a news release.
The full buy-in for the Boots supplemental plan covers more than 110 participants.
Boots, one of the largest retailers in the U.K., has four closed defined benefit plans, including Boots Co. PLC Pension Scheme, Boots Group Personal Plan and Boots Additional Pension Plan, according to the Boots pension website. Further information was not immediately available.
Trustees for the Boots Supplementary Pension Plan follow a broad liability-driven investing approach, holding several Legal & General Investment Management funds in fixed income, cash and derivatives, according to the plan's investment principles statement.
Aon advised trustees on the transaction, with legal advice provided by Sackers. Clifford Chance advised Legal & General.
Lisa Varley, senior consultant in Aon's risk settlement group, said in the news release that the transaction "illustrates that there are excellent opportunities for sub-£100M schemes, as long as insurers can see a clear line of sight to a successful transaction."
Officials at the pension fund and Legal & General couldn't immediately be reached.
