Safeway Pension Scheme, England, insured £1.4 billion ($1.7 billion) in liabilities through a buy-in with Rothesay Life, a spokeswoman at Aon, confirmed an adviser on the deal.
The latest transaction secures the benefits of more than 22,500 plan participants, including 15,300 participants who are yet to retire.
The plan is sponsored by U.K. retailer Wm Morrison Supermarkets Ltd. Rothesay has now insured more than £2.1 billion of the company's pension liabilities in two transactions.
The trustee and plan sponsor were advised by consultant Aon. Law firm Clifford Chance provided legal advice to the trustee, while law firm DLA Piper advised the insurer.
"This represents an important part of our plan to guarantee that security for all the members we are responsible for as trustee," said Steve Southern, trustee chairman, in a news release Wednesday. "Working with Rothesay, Aon and Morrisons for the second time in a short time frame allowed us to act quickly and decisively to achieve our derisking goals."
John Baines, partner at Aon, added in the news release: "This transaction demonstrates that value is still available for well-prepared schemes, with the Joint Working Group (of all the parties) benefiting from their experience of four previous buy-ins on this scheme alone."
Details of the previous buy-in transactions were not publicly disclosed.
