Interserve Pension Scheme, London, insured £400 million ($484 million) in liabilities through a buy-in with Aviva, according to a news release.
The transaction follows a buy-in which insured £300 million in liabilities for retirees of the plan in 2014. All liabilities of plan participants — employees of construction company Interserve — are now insured with Aviva.
The trustees were advised by consultant Lane Clark & Peacock and law firm Sackers & Partners.
David Trapnell, chairman of trustees of the Interserve Pension Scheme, said in the release: "In order to best protect members' interests, it was crucial we acted to secure a long-term resolution and Aviva offered the best outcome."
