Metal Box Pension Scheme, Wantage, England, insured £2.2 billion ($3 billion) in liabilities through a full buy-in with Pension Insurance Corp., a spokeswoman at Mercer, an adviser on the deal confirmed Monday.
The pension fund's first risk transfer transaction guaranteed benefits for 10,300 retirees and 2,200 plan participants yet to retire.
The Mercer spokeswoman confirmed that the pension fund will move to a buyout next month, when each plan participant will become a PIC policyholder and the plan's liabilities will be removed from the plan sponsor's balance sheet. The plan is sponsored by Crown Packaging Manufacturing U.K.
The plan sponsor was also advised by law firm Sacker & Partners.
The trustees were advised by Willis Towers Watson and law firm Mayer Brown and Lincoln, while PIC was advised by law firm Herbert Smith Freehills.
"This successful outcome for the scheme members is the result of collaborative company and trustee planning and activity over the last 10 years. We are pleased to have enabled the trustee to fully secure members' benefits at an earlier point than they had expected. Our respective advisers have worked together to ensure both Company and Trustee objectives were met," Sidonie Lecluse, senior vice president at Crown Packaging European Division said in a news release Monday.
