Ladbrokes Pension Plan, London, completed a £420 million ($583 million) buyout with Rothesay Life, a spokesman at Entain Group, the pension fund’s plan sponsor confirmed.
The international sports betting company agreed to the buy-in deal with Rothesay Life in 2019, marking its first risk transfer deal.
“A full scheme buyout has now taken place,” the spokesman confirmed, adding that it covers all of the participants' liabilities.
The buyout will provide plan participants with individual annuity policies issued by Rothesay Life that will pay their pension benefits in full, the spokesman added.
The policies cover retirees as well as participants that are yet to retire.