Spirent Communications PLC Staff Pension & Life Assurance Plan, Crawley, England, insured £142 million ($171 million) in liabilities through a full buy-in with Pension Insurance Corp., according to a news release Tuesday.
The transaction covered the benefits of all 1,353 plan participants, including 490 participants that are yet to retire.
Consultant Lane Clark & Peacock and law firm Baker & McKenzie advised the trustees. Law firm Addleshaw Goddard provided advice to PIC.
"We are pleased to have been able to complete this buy-in with PIC as part of the long-term derisking strategy for the plan," Jane Fryer, independent trustee chairwoman at Apex Group and chairwoman of the trustees, said in the release.
Imogen Cothay, partner at consultant LCP, added in the release: "This landmark transaction for the plan has enabled both the trustees and Spirent — who worked collaboratively throughout the process — to reduce risk on attractive terms with PIC. It is an excellent example of how a well-prepared pension scheme can act quickly and effectively to take advantage of favorable market conditions, even in a volatile market."
Details on any previous risk transfer deals were not immediately available.
