Harrods Group Pension Plan, London, insured £400 million ($503 million) in liabilities through a full buy-in with Scottish Widows.
The latest deal covered the benefits of around 1,900 retirees and 2,100 plan participants that are yet to retire.
"The Harrods plan has enjoyed a stable, well-funded position and a substantially low risk investment strategy for some years. In completing this insurance transaction, we have consolidated that position and have achieved added protection in relation to longevity risk to further enhance members' benefit security," David Fripp, trustee chairman, said in a news release Monday.
Consultant XPS Pensions Group was lead transaction adviser, while law firm CMS provided legal advice. Scottish Widows was advised by law firm DLA Piper.
Stephen Purves, head of risk settlement at XPS, added in the release: "Despite a really busy bulk annuity market, we were able to generate significant competitive tension with the insurers for this transaction."
A spokesman could not be immediately reached to comment about the deal.