Keysight Technologies UK Limited Retirement Benefits Plan, Edinburgh, insured £250 million ($343 million) in liabilities with insurer Just Group, confirmed a spokesman at Willis Towers Watson, adviser on the deal.
A global producer of electronic test and measurement equipment, Keysight Technologies secured the first-ever deal for the pension fund, which covered about 35% of its liabilities.
"This transaction highlights the benefits of trustees being actively engaged and hands on in their de-risking strategies. The pensioner buy-in market is currently very competitive and offers strong pricing opportunities to our clients, where the Keysight trustees secured participation from six of the eight insurers active in this market and Just delivered the most competitive overall proposition," Suzanne Vaughan, senior director at Willis Towers Watson, said in a news release Tuesday.
The trustees received actuarial advice also from Willis Towers Watson, legal advice from law firm Linklaters, and investment advice from Mercer.
Law firm Pinsent Masons provided legal advice to Just Group.