GKN Group Pension Scheme (No.4), Manchester, England, insured £513 million ($618 million) in liabilities through a full buy-in with U.K. insurer Just Group.
The transaction covers the benefits of all plan participants, including 2,262 retirees and 1,963 participants that are yet to retire, a news release Thursday said.
Following the acquisition of its plan sponsor, aerospace and automotive technology firm GKN PLC, by Melrose Industries PLC in 2018, the GKN Group Pension Scheme 2012 was split into four pension funds in June 2019. In 2017, GKN completed a £190 million risk transfer deal for one of its other pension funds.
Andrew McKinnon, independent trustee and chairman of the pension fund trustees, said in the release: "The trustee is pleased to have reached such a great outcome for our scheme members which was achieved through a collaborative partnership with the company (who also provided the extra funding needed to secure the transaction) and with the extensive support of ours and the company's advisers."
Advisers on the deal were consultants Mercer and Ernst and Young, while Pinsent Masons and Clifford Chance provided legal advice.
A spokesman could not be immediately reached.
