UK - The trustees of the Press Association Pension Fund have a completed a £60m buy-in transaction with Legal & General.
PA Pension Fund chairman of the trustees John Spencer said: "By entering into this policy with L&G the trustees have removed the investment and mortality risk in respect of the pensioner liabilities."
He added: "This represents a sizeable risk reduction for the fund with half our assets now invested as an annuity contract."
Benefits for members of the PA pension fund will not be affected by this change to investment arrangements. The fund has been closed to new members since 2002, LCP said.
PA Group managing director Steven Brown said "The Board of PA Group fully supported the trustees' decision to invest in an annuity contract with L&G.
"Recent market turmoil has shown the investment risks that companies hold while running a pension scheme not to mention the ever increasing cost through improving life expectancy."
He added: "We are very happy with the outcome; we have removed a significant amount of risk within the pension scheme at a cost broadly in line with the trustees' funding reserve."
LCP partner David Stewart added: "Buyout prices have returned to attractive levels and, whilst recent heavy falls in equity markets mean that full scheme buyout is off the table in most cases, a pensioner buy-in such as undertaken by PA can achieve risk reduction without a cash injection being required.
"In uncertain times such as these we expect pensioner buy-ins to be the preferred buyout route for both trustees and employers during 2009."
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