Kingfisher Pension Scheme, London, insured £900 million ($1.3 billion) in pension liabilities through a buy-in with Aviva, according to the adviser on the deal, John Baines, head of bulk annuities at Aon.
The deal follows two previous buy-in transactions for the pension fund of the British retailer.
The £3.7 billion fund insured £230 million in liabilities with Legal & General in 2015 and about £200 million in liabilities with Pension Insurance Corp. in 2018.
The transaction announced Thursday insures investment and longevity risk for more than 8,000 plan participants.
In addition to Aon, the trustee received actuarial advice from Hymans Robertson and legal advice from Eversheds Sutherland, while Aviva was advised by law firm DLA Piper.