IPC Media Pension Scheme, London, insured £290 million ($357.6 million) in defined benefit plan liabilities through a buy-in with Rothesay Life.
In its first risk transfer deal, the £700 million IPC plan, now sponsored by Time Inc. U.K., covered the obligations to almost all of its 574 retirees.
"The transaction further strengthens the long-term certainty of the scheme, and forms an important part of our plan to meet pension obligations," Susan Andrews, chairwoman of the trustee of the IPC Media Pension Scheme, said in a news release.
The deal was confirmed by a spokeswoman for Aon, one of the trustee's advisers, which were all praised by Ms. Andrews for securing the buy-in transaction during the pandemic. In addition to Aon, law firm Mayer Brown International, consultant Willis Towers Watson and BlackRock advised trustees.
Rothesay Life was advised by law firm DLA Piper.