Ibstock Pension Scheme, Leicestershire, England, completed a £340 million ($441 million) buy-in with Just Group, covering just over 50% of total liabilities.
The fund has about £650 million in assets, said Rachel Tranter, director of BESTrustees and chairwoman of trustees for the pension fund.
The deal was the first pension risk transfer for the supplier of bricks and concrete products. However, the company and pension fund trustees have been pursuing a long-term derisking strategy through liability-matching assets, a spokesman for Ibstock added.
"I am delighted to have been able to lead the trustees of the Ibstock Pension Scheme to take practical and cost-effective steps to improve the security for all members of the scheme. Just provided clarity during a time of huge global uncertainty and our advisers skilfully guided us through the process to a successful conclusion; we always felt in safe hands and we're pleased with the end result."
The trustees were advised on the deal by Lane Clark & Peacock, Buck Global and Addleshaw Goddard. Pinsent Masons provided legal advice to Just Group.