Reuters Supplementary Pension Scheme, London, insured £310 million ($416 million)in liabilities through a full buy-in with Legal & General Assurance Society, a spokeswoman for the pension fund confirmed Thursday.
The transaction is the plan's first risk transfer and secures benefits paid to plan participants in different currencies.
The trustee was advised on the transaction by consultant Aon and law firm Sacker & Partners.
The plan sponsor, data provider Refinitiv, a subsidiary of the London Stock Exchange Group, was advised on the transaction by consultant Lane Clark & Peacock and law firm Cameron McKenna Nabarro Olswang.
Law firm Slaughter & May provided legal advice to the insurer.
"As the trustee and company have managed the scheme to a favorable financial position, we were able to provide our members with even greater security as a result of this transaction. Having worked with Aon to develop a strategy we were able to work collaboratively with Legal & General to execute a buy-in covering all members of the scheme," Greg Meekings, chairman of trustees for the pension fund said in a news release Thursday.
