Co-operative Pension Scheme, Manchester, England, insured £1.2 billion ($1.5 billion) in liabilities through a buy-in with Rothesay Life, the insurer said in a news release Tuesday.
The deal covers the liabilities of more than 9,000 participants in the Co-operative Bank Section of the Co-operative Pension Scheme.
The deal insures the remainder of liabilities not previously insured by a buy-in with Pension Insurance Corp. in April 2020. The pension scheme insured £400 million in that deal, which covered the liabilities of about 2,000 participants.
"This delivers a positive outcome for members of the Bank Section, through offering enhanced protection of benefits, whilst also supporting out corporate objectives," said Nick Slape, CEO of the Co-operate Bank, in the news release.
Aon advised plan trustees on the deal. Law firm Linklaters LLP provided legal advice.
Spokesmen for the pension fund could not immediately be reached for further information.
