British American Tobacco UK Pension Fund, London, insured £250 million ($305 million) in liabilities through a buy-in with Pension Insurance Corp., according to a news release Thursday.
PIC has now insured all of the fund's liabilities, covering 10,000 plan participants.
The latest deal follows the fund's first £3.4 billion buy-in completed in May 2019 and a buy-in deal in 2021 that covered £400 million in liabilities.
Trustees were advised by consultant Lane Clark & Peacock on all three transactions.