General Motors' Vauxhall and Associated Companies Pension Fund, Luton, England, completed a £53 million ($73 million) bulk annuity deal with Aviva.
The deal is a full buy-in, covering all 1,392 participants, confirmed Michael Walker, principal consultant at Aon Solutions U.K., which led the transaction for the pension fund.
The pension fund hasn't done any previous bulk annuity transactions, Mr. Walker added.
"Insuring our members' benefits with Aviva provides them with long-term security and was made possible through a collaborative period of intensive preparation led by Aon, with legal advice from CMS and Eversheds Sutherland," said Rob Assinder, chairman of the trustees of the pension fund, in a news release.
Assets totaled £37 million and the pension fund had a deficit of £16 million, as of the pension fund's most recent funding valuation, dated Jan. 1, 2017. Its funding level was 70.6% as of that date.