IMI completes sixth partial buy-in with Pension Insurance Corp.

IMI 2014 Deferred Fund, Birmingham, insured £175 million ($217 million) in liabilities through a buy-in with Pension Insurance Corp., according to a news release Friday.

The deal follows five other buy-in transactions it has conducted with PIC since 2016. In total, PIC has insured £1 billion in liabilities for British engineering company IMI PLC, the sponsoring employer of the pension fund.

All liabilities of the fund are now fully insured. The latest transaction covers pension liabilities for 1,378 plan participants, many of whom are yet to retire.

PricewaterhouseCoopers acted as lead transaction adviser to the plan sponsor and the pension fund. Consultant Willis Towers Watson and Aon provided actuarial and investment advice to the trustee, respectively. Law firm Squire Patton Boggs provided legal advice.

Greg Croydon, trustee chairman, said in the news release: "This transaction is the culmination of our long-term derisking journey to insure the fund's pension obligations. We have now insured the benefits for all our members."

Swapnil Katkar, head of pension risk transactions at PwC U.K., added in the release that the firm was able to secure a suitable price and execute the buy-in during a volatile and challenging market environment.

The transaction enabled IMI to eliminate uncertainty around costs and cash, Mr. Katkar added.