Yell's second buy-in covers rest of pension fund's liabilities

The trustee of the Yell Pension Plan, Blyth, England, completed a second buy-in with Pension Insurance Corp., insuring £370 million ($422 million) in liabilities.

The latest deal covered the remaining liabilities in the plan and followed a £200 million buy-in with PIC in 2014.

Yell, a digital marketing company, and the trustees of the pension fund worked closely together for many years to improve the plan's funding levels, said a PIC news release.

The trustee was advised by Lane Clark & Peacock.

"The transaction highlights the advantage of being nimble in volatile financial market conditions and having a clear understanding of the latest insurance market dynamics," said Ken Hardman, partner at LCP, in the news release.

The Yell Pension Plan was 105% funded with £675 million in assets as of April 5, according to its most recent update.

A spokeswoman for LCP could not immediately be reached for further comment.