P&O Pension Scheme, Dover, England, insured £440 million ($558 million) in liabilities through a full buy-in with Rothesay Life, confirmed a spokeswoman at Barnett Waddingham, adviser on the deal.
The latest deal covers the liabilities of around 5,300 plan participants.
The pension fund previously completed one buy-in, which covered the liabilities of its retired participants in 2007. The initial transaction was insured by Paternoster, which was acquired by Rothesay in 2011. The plan had £1.4 billion in assets as of Dec. 31.