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  2. PENSION RISK TRANSFER
February 19, 2020 10:21 AM

Co-op completes $1.3 billion buy-in deal

Sophie Baker
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    Bloomberg
    Co-operative Group Pension Scheme's $1.3 billion buy-in with PIC is its second deal in as many months.

    Co-operative Group Pension Scheme, Manchester, England, completed a £1 billion ($1.3 billion) buy-in with Pension Insurance Corp.

    The deal covers about 7,000 participants in the Co-op Section of the pension fund, known as Pace, a PIC news release said.

    Overall assets at the pension fund are about £8.5 billion, a Co-op spokesman said.

    "This buy-in is another step in improving member security as the trustee continues to follow its long-term derisking strategy, and is a positive result for scheme members, the trustee and the Co-op," said Chris Martin, executive chairman at Independent Trustee Services and chairman of the Co-op Pension Scheme's trustee, in the news release.

    The buy-in follows a £1 billion deal with Aviva, completed last month, for the pension fund.

    The deal was led by Aon. The pension fund trustee received legal advice from Linklaters and investment advice from Mercer.

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