UK - The trustee of the 5000-member Leyland DAF Pension Scheme has insured the scheme's liabilities in a £230m (US$334.4m) buyout deal with Pension Insurance Corporation.
Aon Trust Corporation was appointed as an independent trustee to the Leyland DAF Pension Scheme in 1993.
Pension Corporation, the parent firm of PIC, said Aon would be assessing the level of surplus and considering how best it can be used by the scheme members - including the amount of any benefit improvements - as a part of the winding up process.
Hewitt advised the trustee on the buyout and provided scheme actuary services and KPMG provided advice on the scheme's investment strategy.
Simeon Willis, executive consultant of KPMG Investment Advisory, said: "Controlling risk has been a key factor for the scheme given the lack of solvent sponsor.
"In June 2007, the trustee made a wholesale switch from equities into bonds thereby insulating the scheme from subsequent equity market falls. Involving PIC now completes the de-risking programme which has always been focused on maintaining security of members' benefits."
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