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.