TT Group (1993) Pension Scheme, Woking, England, agreed to a £400 million ($473 million) full buy-in with Legal & General Assurance Society, the insurer said in a news release Monday.
The plan sponsor, TT Electronics PLC, is a 114-year-old global provider of electronic technologies for aerospace, defense, health-care and automation sectors.
The buy-in contract insures the benefits of about 5,000 retirees and deferred participants, the news release said.
Legal & General has more than £1.4 trillion under management, and its U.K. retirement annuity business had more than £89 billion as at Dec. 31.
Mercer advised the pension fund's trustees on the transaction, and Mayer Brown provided legal advice. Paul Felbeck, chairman of the trustees board, said in the news release: "The scheme's journey over many years from significant deficit to buy-in has been made possible with the financial support and collaboration of TT and its senior management, the invaluable services of the trustee's advisers: financial, actuarial, legal and secretarial ... along with the diligent hard work of my fellow trustee directors, past and present."
Officials at TT Electronics and a spokeswoman for Legal & General could not be immediately reached for further information.
