Xylem U.K. Pension Plan, Nottingham, England, insured £255 million ($330.3 million) in liabilities through a buy-in with Rothesay Life, Michael Walker, principal consultant at Aon, adviser on the deal, said.
In its first risk transfer deal, Mr. Walker said the water and water technology firm covered all of the U.K. plan's participants as well as 1,100 deferred participants who stopped accruing benefits but are yet to receive their pension benefits.
The trustee of the £255 million plan was advised by law firm Freshfields Bruckhaus Deringer LLP. Rothesay Life was advised by law firm Gowling WLG.
"The transaction is a key step in our de-risking of the plan and delivers a superb outcome for our members by providing greater security of their benefits. We are pleased with the results and the key support provided to the trustee by our advisers throughout this complex transaction," Brian Blackmore, trustee chairman, said in a news release.
