Co-operative Pension Scheme, Manchester, England, insured £400 million ($490.4 million) in liabilities through a buy-in with Pension Insurance Corp., a spokesman said.
The deal covers the liabilities of about 2,000 participants in the £2 billion Co-operative Bank Section of the Co-operative Pension Scheme.
The deal, the first risk transfer transaction for the section, follows a £1 billion buy-in conducted with PIC in February for the £8.5 billion the Co-operative Group Limited Section.
"The buy-in represents a positive step in the management of the scheme as part of the good work of the trustee in continuing to implement its de-risking strategy, and will further strengthen the scheme for members," Tracey Kneller, chief people officer at the Co-operative Bank, said in a news release Tuesday.
Aon advised plan trustees on the deal. Law firm Linklaters LLP provided legal advice and Mercer provided investment advice. PIC was advised by law firm Herbert Smith Freehills.
