John Good & Sons Limited Pension Scheme, East Riding of Yorkshire, England, insured £17 million ($24 million) in liabilities through a full buy-in with Legal & General, a spokeswoman for XPS Pensions Group, adviser on the deal, confirmed.
The deal, which was conducted for the pension fund of shipping company John Good Group, covers the benefits of more than 80 plan participants. The transaction was preceded by the derisking of the plan's assets through a transfer into Legal & General Investment Management's Buyout Aware funds from its previous investment strategy. LGIM was the pension fund's money manager.
"We are very pleased to have reached this important stage in our journey to give our members greater security with a well-known and respected company. We have received excellent advice which has enabled us to achieve this in a safe and controlled manner," John Rutherford, the plan's trustee, said in a news release published Thursday by L&G.
In addition to XPS Pensions Group, the trustees were advised on the deal by law firm Arc Pensions Law.
The XPS spokeswoman did not provide further details due to client confidentiality issues. Spokesmen for the the company and the pension fund could not be reached.