Commonwealth Bank of Australia (UK) Staff Benefits Scheme, London, insured £420 million ($582.9 million) in liabilities in a full buy-in with Legal & General Assurance Society, a spokeswoman for Lane Clark & Peacock, adviser on the deal, confirmed.
The transaction — the first pension risk transfer for the pension fund — covers the liabilities of 440 plan participants who are yet to retire and 740 retirees.
"We are very pleased to have insured the pension benefits for all members of the defined benefit section of the scheme, achieving our goal of providing members with long-term certainty," Peter Thompson, professional trustee at Capital Cranfield Pension Trustees, said in a news release.
Capital Cranfield was advised on the deal by LCP, law firm CMS and administrator and actuary Mercer.
Law firm Slaughter and May provided legal advice to Legal & General.