Aggregate Industries Pension Plan has completed a £135m pensioner buy-in with Just Retirement.
The buy-in is a ‘follow-on' transaction to the £210m pensioner buy-in completed by the plan in 2010.
It covers the benefits payable to over 750 members who have retired since the previous transaction and means the plan now has half of its liabilities secured.
Lane Clark & Peacock (LCP) acted as lead adviser while Freshfields Bruckhaus Deringer provided legal advice. The trustee board was also advised by Punter Southall, Deloitte and Lincoln Pensions.
Aggregate Industries head of pensions and reward Ian McGown said the follow-on buy-in "provides additional financial certainty for Aggregate Industries, the trustee board and plan members in uncertain economic times."
LCP partner Charlie Finch (pictured) said that the scheme's preparations meant it was able to benefit from competitive pricing in the immediate aftermath of the EU referendum result.
"We spent time with the trustees to ensure they were well prepared to make a move at the appropriate time," he said. "Market shocks can cause sharp movements, both positive and negative, in pricing and the scheme was able to benefit from investors taking a cautious approach and moving to less risky assets."
Finch noted that the de-risking market has been much busier in the second half of the year and said this is the eighth transaction the firm has completed since the EU referendum.
He also noted this is another example of a ‘follow-on' de-risking transaction with ICI also recently completing further buy-ins.
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