UK - Paternoster has clinched a deal to buy out the Chrysalis Group Retirement Benefits Scheme.
Mark Wood, chief executive, Paternoster, commented: "The sale of part of Chrysalis created an opportunity the pension promise through an insured buyout."
Wood said the transaction had been complex and completed during turbulent investment conditions.
Michael Connole, group finance director, Chrysalis, said: "Price was always an important factor but the key was the selection of an organisation that could tailor their offering to meet our objectives, rather than force us through a standard process."
Elsewhere, a spokesman for fellow buyout specialist Luicda said the company could not confirm or deny press reports it was in negotiations with industrial manufacturer Morgan Crucible to take on its group pension scheme.
Last week, the Pensions Regulator (TPR) announced it would get greater powers in the emerging pension buyout market.
These powers would make it easier for TPR to install independent trustees should it consider the interests of scheme members were at risk.
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.