ITB Pension Funds, Watford, Hertfordshire, has purchased a group annuity contract from insurance company Just Group for a fifth and final pension buy-in transaction for its Open Fund, the pension fund said in a news update on its website Wednesday.
The agreement was reached on July 21, and the buy-in insures £290 million ($368 million) in pension liabilities, which represents the remaining participants in the Open Fund that were not previously insured, said a news release from law firm Lane Clark & Peacock, which advised on the transaction.
"This is a great success. We have achieved our investment objective much earlier than planned through an effective investment strategy and having efficient governance in place," said Newell McGuinness, trustee chair for the pension funds, in the LCP news release. "This is a tribute to the Trustee Board and its advisers."
The ITB Pension Funds (Open Fund) had £1 billion in assets as of June 30, 2022, according to its most recent available annual report.
Pension fund officials could not be immediately reached for further information.