Co-operative Group Pension Scheme, Manchester, England, insured £1 billion ($1.3 billion) in liabilities through a buy-in with Aviva, a spokesman said in an email.
The deal insures the benefits of 7,000 participants in the £1.58 billion plan for employees of the food retailer Co-operative Group, also based in Manchester, removing investment and longevity risk.
Consultant Aon and law firm Linklaters advised the trustee of the plan. Mercer provided investment advice.
"This buy-in further increases member security as part of the trustee's long-term derisking strategy, and is a real positive for scheme members, the trustee and the Co-op," Chris Martin, chairman of the scheme's trustees, said in a news release.
The spokesman declined to provide further comment.
The buy-in follows another risk transfer transaction by one of Co-operative Group's plans. In January 2019, the £1 billion Somerfield Pension Scheme, Manchester, England, insured £425 million in liabilities through a buy-in with Pension Insurance Corp.