P&O Pension Scheme enters into full pension buy-in

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.

"We are delighted to complete this transaction with Rothesay, improving security for members' benefits. It caps many years of hard work by a diligent trustee board and brings to fruition the vision that our senior pensions manager, Jane Healy, has pursued with focus and determination since she joined P&O over a decade ago," Steve Delo, trustee chairman, said in the release on Wednesday.

"We also could not have reached this milestone without the support of the scheme's sponsor, P&O Steam Navigation Company and its group parent, DP World," he added.

Legal advice was provided to the trustee by law firm Eversheds Sutherland. Administration and investment services were provided by Mercer. Rothesay was advised by law firm CMS.