Pension Corporation secures £451m Delta scheme buyout

The transaction brings assets managed by the firm in the defined benefit pension fund buy-out market to more than £500m. Including sponsored pension funds, Pension Corporation now has more than £4.75bn of pension assets under its umbrella.

PIC Chief executive Edmund Truell said: "This announcement with the Delta Pension Plan highlights Pension Corporation’s commitment to providing secure and responsible pension management to defined benefit funds and being the insurance solution of choice for pension fund members.

"The further development of our insurance buy-out business is another important step in being able to offer a complete range of specialist pension solutions to defined benefit funds of any size or financial strength."

Delta chief executive Todd Atkinson said: "We are delighted to reach agreement on a transaction with Pension Insurance Corporation that provides a cost effective solution for the benefit of plan participants and Delta plc."

Delta Pension Plan trustee chairman David Pearce said: "We are very pleased that we have been able to provide additional security for all members of the Delta Pension Plan through additional financial support from Delta plc and an insurance transaction with Pension Insurance Corporation."

The move was advised by PricewaterhouseCoopers.