Mitchells & Butlers PLC, Birmingham, England, agreed to a £650 million ($859 million) buy-in with Legal & General for the Mitchells & Butlers Executive Pension Plan.
Legal & General Assurance Society announced the agreement with the restaurant and pub chain Tuesday. It is the plan's first pension risk transfer transaction, according to the release.
Legal & General Investment Management already manages the plans' defined contribution assets.
XPS Pensions Group, plan trustees' actuarial and investment adviser, assisted.
Mitchells & Butlers has two employee pension plans, with a combined £2 billion in assets as of March 31.