British Bankers' Association, London, insured £95 million ($114.9 million) in liabilities through a buy-in with Aviva, a spokeswoman for the fund's trustee, LawDeb Pension Trustees, confirmed.
In its first risk transfer deal the association insured the liabilities of 213 participants of the £100 million plan.
"We firmly believe this full buy-in represents excellent value in context of a more secure future for BBA's pension scheme members. When you consider the challenging times we find ourselves in, unprecedented in fact, we are very pleased to have been able to successfully transact accordingly," Sean Burnard, trustee director of LawDeb Pension Trustees, the sole corporate trustee of the British Bankers' Association Pension Scheme, said in a news release.
The plan sponsor was advised by Lane Clark & Peacock, Barnett Waddingham and law firms Womble Bond Dickinson and Gowling WLG.