Mabey Pension Scheme, Reading, England, insured £94 million ($120 million) in liabilities through a buy-in with Just Group, according to a news release from Isio, adviser on the deal.
The transaction covered the liabilities of about 1,000 plan participants.
"We are confident this represents an excellent next step in securing this scheme and providing increased assurance for all members," said Kate Beauchamp, CEO of plan sponsor Mabey Holdings, in the news release.
Isio provided strategic advice to Mabey Holdings and Zedra Governance, the pension plan's trustee on the buy-in and transition of assets to the insurer. Details of the remaining plan assets could not be immediately learned.
Legal advice was provided to the trustee by law firm Osborne Clarke. First Actuarial acted as actuary and administrator.