Finnish steelmaker Outokumpu Group completed a £390 million ($517 million) buy-in with Rothesay Life for the AvestaPolarit Pension Scheme in preparation for a full buyout, the U.K. pension insurer said Tuesday in a news release.
The scheme is sponsored by Outokumpu Stainless Ltd, Sheffield, England.
According to the Rothesay release, the transaction completes a derisking journey that started with a buy-in in 2020. The pension fund has nearly 1,000 participants, including 426 pensioners and 500 deferred members, according to the release.
The transaction is structured as a buy-in expected to move to a buyout at some point, when participants will become direct policyholders with Rothesay.
The lead broker on the transaction was Aon, acting for the trustee and sponsor.
Rachel Bradshaw, a business development executive with Rothesay, said in the release that it took just 10 weeks from the request for quotation to signing of the deal.
Officials at AvestaPolarit could not be reached for comment.