Mercer acted on behalf of the pension plan trustees.
The deal covers just less than 50% of total liabilities. The £450 million pension fund, which is sponsored by Pfizer Group affiliate John Wyeth & Brother, has now insured close to all defined benefit liabilities through the latest buy-in and a £158 million risk transfer deal with Just Group in 2018, Mr. Rajagopalan said in an email.
"This is another important step for the scheme and wider group as we seek to secure members' benefits and reduce the risk exposures of our pension arrangements," Patrick McKenna, senior director international pensions at Pfizer, said in a news release by Aviva. "Aviva put forward attractive pricing and innovation proposals to address a complex set of benefits," he added.