"We are really pleased to have entered into a buy-in policy with Standard Life, who will provide the members of the plan with strong security in their retirement. XPS navigated us through the whole process brilliantly, and we are pleased with the deal they negotiated for the plan," Neil Walker, trustee chairman said in the release.
The plan, sponsored by financial services and insurance company Marine and General Mutual Life Assurance Society, was in 2015 transferred to Scottish Friendly Assurance, a life and mutual investments company.
Rhian Littlewood, senior business development manager at Standard Life, added in the release: "The trustees came to us with a significant amount of preparation already complete. This made navigating the process of securing members' benefits easier, faster, and more cost effective, and ensured we could secure the best outcome for the plan."
Ms. Littlewood highlighted that while a number of pension funds have improved funding levels when compared to last year, they need to plan and prepare in a busy marketplace.
A spokesman could not be reached to provide further details.