Tioxide Pension Fund agreed to a £430 million ($525 million) full buy-in with Legal & General Assurance Society, the insurer said in a news release Monday.
The plan sponsor, Venator Group, is a global chemical company that has been a Legal & General Investment Management client since 1995. The buy-in insures the pension benefits of about 2,700 participants.
Legal & General's U.K. retirement annuity business had more than £89 billion as at Dec. 31, 2021.
Aon advised the trustees on the transaction, and Addleshaw Goddard provided legal advice. Sally Roberts, chairwoman of the board of trustees for the pension fund, said in the news release that "we are very happy to have secured our members' benefits fully through this transaction and achieve our long-term objective for the fund."
Ms. Roberts could not be immediately reached for further information.